DUBAI — Family businesses in Gulf Arab states including Saudi Arabia and the United Arab Emirates hold a combined $500 billion of assets, according to a study by Dubai-based buyout company Ithmar Capital.
About 5,000 family firms in the Gulf Cooperation Council states employ 70 per cent of the region's workforce and control 90 per cent of commercial activity in their region, Ithmar and research partner Dow Jones & Co. said in a joint statement posted on Dubai-based business Web site Ame Info yesterday.