UAE family businesses show resilience and social commitment during the pandemic

UAE family businesses show resilience and social commitment during the pandemic

Dubai, UAE: A new report from the STEP Project Global Consortium and KPMG Private Enterprise highlights how a long-term outlook has allowed the UAE's family-owned businesses to stay resilient during the Covid-19 pandemic and play a key role in the nation's economic recovery. Mastering a comeback: How family businesses are triumphing over Covid-19 includes insights from nearly 2,500 family businesses and more than 500 non-family businesses around the world, including the UAE. The publication highlights the key strategies used by family firms in tackling the immediate impact of Covid-19 on businesses, as well as the wider macro-economy.Anurag Bajpai, Partner, Private Enterprise and Family Business Leader at KPMG Lower Gulf, said: “Family firms in the UAE are embedded in the country's social and economic fabric and are committed to sustaining entrepreneurship. These businesses have exhibited resilience during the pandemic, manifested in strategic actions to embrace all stakeholders during a challenging time. Family businesses have responded swiftly to changing economic realities in order to sustain operations, maintain jobs and preserve long-term economic, social and emotional investments.”According to the report, multiple generations are currently active in one-third (33%) of the UAE's family businesses, compared with 16% globally. The transgenerational nature of UAE family