Family-owned businesses are uniquely placed to shape the fourth industrial revolution to ensure it is empowering and human-centered, rather than divisive and dehumanizing, Badr Jafar, chief executive of Crescent Enterprises and managing director of the Crescent Group, told delegates at a public session titled “The Family Business Case” at the World Economic Forum in Davos, Switzerland. Other panelists included Andre Hoffmann, vice chairman of pharmaceuticals giant Roche, and Lubna Olayan, chief executive of Olayan Financing Company.
“Family businesses are the epitome of human commerce, and tend to be deeply connected to our employees, stakeholders and communities. Our stakeholders know us and the values that we represent. Therefore the key to being successful and sustainable in the era of this technological revolution will be to leverage these natural advantages while being realistic about the things we need to change about ourselves,” Jafar said.
According to the Family 500 Index, the world’s 500 largest family businesses produce $6.5 trillion per year in sales and employ over 21 million people — enough to make them the third largest economy in the world behind the US and China. In the Middle East and North Africa region, 85 percent of non-oil GDP is generated by family businesses that are set to hand down assets totaling more than $1 trillion to the next generation within the next 10 years.
The discussion outlined that, unlike many companies whose financial impact is constantly being evaluated on a quarterly basis, family businesses are generally more capable of pursuing a long-term, value-driven strategy, which results in these businesses enjoying higher levels of trust and loyalty than other types of companies. According to the Edelman Trust Barometer, family-owned companies are significantly more trusted than public companies, state-owned businesses or even NGOs.
Jafar added: “We can choose to either take this trust for granted, or use it to help us work with all our stakeholders to shape this revolution in a manner that improves the state of the world, which will also in turn enhance this trust even further.”
However, the sustainability of many family businesses worldwide, including in the Middle East, is plagued by a myriad of challenges related to poor governance codes, often leading to failed succession and depletion of wealth and assets. For this reason, family businesses are increasingly embracing the business case behind good governance — according to a recent research report released by the Pearl Initiative, a nonprofit organization promoting a culture of corporate transparency and accountability. Eighty-nine percent of the 350 companies surveyed across the Gulf region believed that improved corporate governance standards are essential to the survival and growth of business in the region.
WEF panel spotlights family businesses
WEF panel spotlights family businesses
Chinese delivery app Keeta launches in Jeddah with exclusive offers
Keeta, the international subsidiary of Meituan, China’s on-demand delivery giant, announced today its highly anticipated launch in Jeddah, introducing new benefits to the city’s bustling delivery market. With Keeta, residents can now enjoy free delivery on orders without any subscription fees, along with an exclusive delivery offer for McDonald’s and a SR100 ($26.6) voucher.
Building on its reputation as a leader in the delivery space, Keeta partners with over 13,000 restaurants, from beloved local eateries to global chains. Customers can order from iconic names such as KFC, Hardees, Dominos, Starbucks, Al-Tazaj, Dunkin, Herfy, Baskin Robbins, Al-Romansiah, Deep Fries, Shawarma Alrimal, and N9 Darzan. To support this extensive network, Keeta has registered more than 15,000 riders, ensuring seamless deliveries. Both partner and rider numbers continue to grow rapidly, reflecting Keeta’s commitment to excellence.
Jeddah’s vibrant economy and growing demand for efficient delivery services underscore the importance of this expansion. With a thriving population and an increasing reliance on digital platforms, the city is poised to benefit from Keeta’s innovative approach to delivery.
“Our launch in Jeddah marks a significant milestone for Keeta as we continue to grow our presence in the Kingdom,” said Keeta’s CEO and VP of International Business at Meituan Tony Qiu. “Aligned with Vision 2030, we aim to empower local businesses and enhance the quality of life for residents. We’re thrilled to bring our industry-leading services to one of Saudi Arabia’s most dynamic cities.”
Keeta’s value proposition focuses on affordability, offering unlimited free delivery with no subscription fees, a dependable on-time delivery guarantee, and a wide selection of restaurants and cuisines. The platform aims to deliver an exceptional food delivery experience tailored to customer needs. As Keeta expands across Saudi Arabia, it remains dedicated to transforming the food delivery industry and supporting the Kingdom’s economic growth.
Burjeel Holdings acquires 100% stake in Makkah’s Specialist Physiotherapy Center
In a significant move that highlights its expanding presence across Saudi Arabia, Burjeel Holdings PLC, a leading super-specialty healthcare provider in the MENA region, listed on the Abu Dhabi Securities Exchange, has announced the acquisition of a 100 percent stake in the Specialist Physiotherapy Center, a premier healthcare facility in Makkah, through its subsidiary Burjeel KSA. With a total investment value of SR6.5 million ($1.7 million), this acquisition aligns with Burjeel’s strategy to broaden its footprint in Saudi Arabia and enhance its capabilities to deliver world-class physiotherapy and rehabilitation services. Strategically located in Makkah, the center is positioned to cater to the needs of Umrah and Hajj pilgrims, with hotel physiotherapy offerings designed to support the needs of both tourists and pilgrims.
The Specialist Physiotherapy Center, founded in 2017, is known for its advanced treatments, expert team, and exceptional patient care. Over the past two years, it has demonstrated strong growth, achieving a 2.1x increase in revenue to SR3.8 million from 2021 to 2023, reflecting strong patient demand and operational efficiency.
With an experienced team of 17 highly qualified physiotherapists, the center specializes in sports injuries, pediatric care, and post-surgical rehabilitation. The center features state-of-the-art facilities, including high-intensity electromagnetic therapy, cryotherapy, laser treatments, and a standalone gym, yoga studio, and educational center.
The center presents a valuable opportunity to strengthen Burjeel’s brand presence in this key market, as Makkah attracts millions of pilgrims annually. The center has formed strategic partnerships with organizations such as the Makkah Islamic Authority, the Saudi Federation for Soccer, and the National Guard. It is actively involved in partnerships with sports academies, medical organizations, and local charities to promote health and wellness.
John Sunil, group CEO of Burjeel Holdings, said: “This strategic acquisition reflects our commitment to enhancing access to world-class healthcare services across the Kingdom of Saudi Arabia. Recognizing Makkah’s status as a primary destination for pilgrims, integrating the Specialist Physiotherapy Center into our network not only enhances our offerings in physiotherapy and rehabilitation but also supports our broader vision to serve both local and international patients and support the Kingdom’s medical tourism ambitions. We look forward to enhancing the center’s capabilities and introducing new services as part of our ongoing efforts to provide innovative and comprehensive care to our patients.”
This Specialist Physiotherapy Center will be integrated into Burjeel’s PhysioTherabia network, the fastest-growing and largest physiotherapy and wellness network in the Kingdom. In the coming months, the focus will be on expanding the center’s services and building on existing partnerships. The group plans to activate new programs, including pediatric and neuro rehabilitation services, and introduce advanced technologies such as a cryo chamber and the David system for physiotherapy. The integration of these services will further establish the center as a premier destination for rehabilitation in the Kingdom.
The acquisition also aligns with the group’s broader objective to contribute to the Kingdom’s Vision 2030 by supporting the healthcare sector’s growth and enhancing its global competitiveness.
Tejoury reinforces leadership in information management with new merger
Tejoury, a pioneering force in information and records management solutions, has recently completed the merger of Hala Supply Chain Services Co.’s Record Management Division dedicated to document management services within Saudi Arabia. This strategic move highlights Tejoury’s commitment to broadening its market presence and reinforcing its reputation for excellence in customer-oriented solutions.
Husam Alsaleh, chairman of Hala Supply Chain Services Co., underscored the strategic nature of their decision to merge their Record Management Division with Tejoury, saying: “Hala’s mission is to provide superior market leadership in the supply chain industry. This is why we sought to partner with Tejoury, which has a very strong record in record management and delivers a client-dedicated approach.”
Salman Abdelmuhsin Alsudeary, managing director/ CEO of Tejoury, added: “Elevating our services through ongoing client-driven innovation plays a pivotal role in our vision.”
Looking ahead, Tejoury remains steadfast in its commitment to innovation and excellence in information management. By integrating Hala’s clients into its ecosystem, Tejoury will cultivate enduring partnerships grounded in trust, reliability, and mutual success.
Tejoury is inviting both existing and prospective clients to explore the expanded capabilities and transformative solutions now available. This merger not only signifies a strategic alignment of values and goals but also underscores Tejoury’s leadership in redefining industry standards across the Kingdom.
Porsche, Samaco drive women’s empowerment in KSA
Porsche Saudi Arabia, through its official Saudi importer Samaco Motors, supported the second Forbes Women Middle East Summit, which was held in Riyadh on Dec. 18-19, with a fleet of 20 cars for VIPs and delegates to be chauffeured. The automaker also showcased its new, fully electric Macan SUV at the event.
Following the success of the inaugural Forbes Women Middle East Summit, which attracted more than 400 delegates in Saudi Arabia, the event returned for its second edition with the support of Porsche Saudi Arabia. The event was held at the Riyadh International Convention and Exhibition Center.
“The Forbes Women Middle East Summit proved to be a perfect opportunity for female entrepreneurs to grow their ideas and create new journeys, so we were excited to support its return for a second year. This great initiative blended perfectly with Porsche’s vision to support women behind the wheel in Saudi Arabia,” said Rashad Embaby, general manager for Porsche Saudi Arabia.
“Empowering women and supporting driven females is one of our key brand objectives, and the timing was perfect as it coincided with the release of the all-new Macan SUV, which has the highest concentration of female owners among our entire Porsche model range,” he added.
The new Macan delivers up to 639 PS and 1,130 Nm of torque, achieving up to 613 km of range in WLTP with a battery that could be charged from 10 to 80 percent in approximately 21 minutes at a fast-charging station.
Wallan Trading opens Renault service center in Riyadh
Wallan Trading Company has officially opened its first Renault service center in Riyadh. This facility — boasting the latest technologies and equipment — integrates sales, service, and spare parts under one roof.
The opening was attended by Arnaud Belloni, global chief marketing officer, Renault, and Fahad Al-Wallan, chairman of Wallan Holding Company, along with senior executives, customers, and other guests.
Al-Wallan said: “The launch of this modern facility reflects Wallan Trading’s unwavering commitment to delivering exceptional services for Renault customers in Saudi Arabia. We aim to provide quick access to spare parts and superior after-sales support, ensuring peace of mind for our customers. This step is part of our broader expansion strategy and builds on our strategic partnership with Renault, under which Wallan Trading became an authorized distributor of this renowned French brand in the Kingdom.”
He added: “This advanced service center is the first of many we plan to establish across Saudi Arabia to bring premium services closer to our customers, wherever they may be. Our highly trained and specialized team is equipped with the latest expertise and tools to meet the needs of Renault owners and deliver a seamless ownership experience.”
The newly launched service center spans 4,800 square meters and features cutting-edge equipment capable of handling up to 60 vehicles daily. In addition to routine maintenance, the facility offers express services for Renault cars, supervised by skilled engineers and technicians.
The showroom within this service center showcases a variety of Renault’s latest models, recognized for their innovative designs, advanced technologies, and high-performance capabilities. These vehicles cater to the preferences of Saudi consumers, offering a blend of driving pleasure, modern safety features, and an exceptional ownership experience.
Belloni said: “The opening of this modern center in Riyadh is a key moment in our strategy to strengthen Renault’s presence in Saudi Arabia. This service center provides an exceptional customer experience with high-quality services and quick access to the latest innovations. We are excited to offer Saudi customers an even smoother and more enjoyable Renault journey.”
Renault recently revealed its latest lineup during the Jeddah International Motor Show, featuring four models for 2025, including the compact crossover Renault Arkana from the C-segment, the versatile Renault Koleos from the D-segment, the globally popular Renault Duster, and the innovative Renault Scenic E-Tech 100 percent electric, which embodies a vision of sustainable and responsible mobility.
Wallan Trading continues to strengthen its position in the Saudi automotive market by bringing Renault’s lineup to local consumers. The company has been providing high-quality products and services to its customers for more than 45 years, in partnership with global manufacturers such as Renault, Hyundai, Genesis, Geely, Zeekr and Lotus.
