Pearl Initiative signs a MoU with EY to conduct yearly survey on governance in family firms

Pearl Initiative signs a MoU with EY to conduct yearly survey on governance in family firms

Family entities contribute approximately 60% to the region’s GDP. Dubai, UAE: The Pearl Initiative, a non-profit organisation focused on corporate accountability and transparency in the Gulf region, today announced that it had signed a multi-year agreement with EY, the global professional services firm, to advance the governance of family firms in the region. Both parties signed a Memorandum of Understanding (MoU) at EY headquarters, DIFC, in the presence of, Anthony O’Sullivan, UAE Managing Partner at EY, Yamama Al-Oraibi, CEO At Pearl Initiative, Wissam Merhej, Tax Partner at EY, Yasmine Omari, Director of EY Private, and Mohamed Al Moosa, Programme Manager at Pearl Initiative. Through the MoU, both parties will publish an annual Family Business Governance Snapshot Survey, and work together on various activities to advance governance in family firms. Family-owned businesses are a critical driver of the Gulf Cooperation Council (GCC) economies, employing an estimated 80% of the region’s workforce and contributing about 60% to the GDP. Together, Pearl Initiative and EY will compile the yearly survey, which tracks issues related to governance within family firms across the GCC and covers themes including Governance, Business, Succession, Ownership and Philanthropy. Anthony O’Sullivan, UAE Managing Partner at EY, said that the new