Around 98% of GCC firms belong to families
According to a Saudi study, nearly 98 per cent of the companies operating in Gulf oil producers are held by families. This means that they could collapse unless they are turned into joint stock companies. The study, authored by Saleh al Sarei, a member of the trade panel at the Jeddah Chamber of Commerce and Industry, said that although some of the GCC companies were successful, they were suffering from a high degree of courtesy, which was affecting their performance.
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