NextGen and Succession in Focus in the Gulf

Our Gulf region engagement continued to strengthen with two regional events this week: “Navigating Control in Family Business” in Bahrain on October 13 and “NextGen’s Role in the Family Enterprise” in Dammam in Saudi Arabia’s Eastern Province on October 15.

In Manama, the roundtable, co-hosted by STEP Arabia, convened senior stakeholders, policymakers and financial leaders to discuss legal, operational, governance, financial, tax and investment considerations for family enterprises when planning for succession, within the context of the family maintaining and exercising control.

Speaking on the roundtable, Faizal Bhana, Director – Middle East, Africa and India, Jersey Finance, commented: “Our roundtable in Bahrain underscored the increasing importance families in the Gulf are placing on structuring for control in succession planning. Issues such as taxation, professional versus family management and multi-generational governance are complex and multifaceted. Still, by sharing regional and international perspectives, we can help families adopt solutions that preserve both control and integrity across generations.”

Meanwhile, in Dammam, Jersey Finance brought together second and third-generation family members, wealth stewards and advisors to explore the evolving role of NextGen family members in shaping the future of family enterprises. The evening featured keynote insights and panel discussions focused on succession planning, governance and balancing tradition with innovation. Attendees also participated in networking sessions connecting NextGens with leading financial, legal and investment experts.

Faizal Bhana, during the event, said: “We are at a pivotal juncture; the NextGens aren’t just inheriting family legacies, they are actively reshaping them. This event highlighted how the younger generation is driving new thinking, strategic investments and governance models that ensure family enterprises remain resilient for decades to come.

Our discussions revealed that bridging generational perspectives is crucial to sustaining growth. NextGens in Saudi Arabia and across the Gulf are eager to bring innovation and global connectivity into their family businesses, while safeguarding the values and traditions that define them.”

The two events come at a time of heightened focus on family offices and generational transition in the region. Recent industry reports indicate that GCC family offices are shifting toward institutional governance and global investment strategies, with younger family members assuming an increasingly central role. According to a Campden Wealth and HSBC Global Private Banking report, the intersection between family offices and early-stage startups is poised to expand in the region. 58% of MENA family groups are active in venture capital, favouring early-stage investments, such as angel and seed funding at 50%, as well as growth-stage opportunities at 50%.

In Saudi Arabia, family enterprises remain a cornerstone of the private sector and their evolution is considered crucial to achieving Vision 2030’s diversification objectives.

View images of the events on Flickr.