Business Families
Family businesses are enterprises where management and ownership primarily involve multiple generations linked by blood, marriage, or adoption. This multi-generational involvement shapes the organization’s mission, governance, and long-term strategy. As vital components of the global economy, family businesses constitute over 60% of companies in Europe alone, demonstrating their substantial role in providing jobs, fostering innovation, and driving economic development. The unique dynamic within these businesses often reflects personal relationships alongside professional responsibilities, creating both opportunities and challenges, particularly in areas like **business succession**, governance, and **family wealth management**. In recent years, the landscape of family businesses has evolved to embrace broader family definitions, integrating non-traditional structures and multi-generational households. This shift necessitates the development of inclusive governance frameworks, such as family constitutions, to effectively manage complexities and conflicts that can arise. Additionally, family offices are gaining prominence, focusing on wealth management while supporting investments in **Environmental, Social, and Governance (ESG)** initiatives, technology, and sustainability. This evolution marks a shift from purely profit-driven models to a more purpose-driven approach, appealing to the values of younger generations. Despite facing modern challenges like economic fluctuations and talent shortages, family businesses continue to seek sustainable growth through digital transformation and innovation, making them relevant players in today's market landscape.
Who are the top five richest entrepreneurs in India according to Forbes?
According to Forbes, India's top five richest entrepreneurs begin with Mukesh Ambani of Reliance Industries at number one with $116 billion, leading in oil, gas, and retail. Gautama Dani holds the second position with $84 billion in infrastructure and energy, while Shiv Nadar, founder of tech giant ACL, ranks third with $36.9 billion. Completing the list are Savitri Jindal and family at fourth place with $33.5 billion from their steel and infrastructure business, and Dilip Shangvi of Sun Pharma at fifth with $26.7 billion. These business leaders represent the pinnacle of entrepreneurial success in India's dynamic economy.
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Acb King TV
00:00 - 00:46
What role do Indians play in Omani society?
Indians form one of the largest expatriate communities in Oman and serve as a living bridge between the two nations, exemplified by families like the Khimjis who are proud of this connection. They have become an integral part of Oman's social fabric, seamlessly integrating into the society while maintaining their cultural identity. Beyond social integration, the Indian community continues to make significant contributions to Oman's economic development and progress. Their presence spans multiple generations, with some families like the Khimjis now being fourth-generation Omani citizens, demonstrating the deep-rooted and enduring relationship between India and Oman.
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WION
03:19 - 03:44
What is the history and legacy of the Khimji family in Oman?
The Khimji family, one of Oman's most prominent business dynasties, traces its roots to Kutch, India. The family patriarch, Kimji Ramdas, arrived at the port of Sur in Oman in 1870, establishing what would become a multi-generational business legacy that continues today into its sixth generation. Anil Khimji, a fourth-generation family member and Omani citizen, represents the family's successful integration into Omani society. The family expresses gratitude to Oman's former and current sultans for their generosity toward both the Khimji family and the broader Indian diaspora, highlighting the strong historical connections between Oman and India.
Watch clip answer (00:33m)WION
00:29 - 01:02
What role has the Indian diaspora played in strengthening ties between India and Oman?
The Indian diaspora has made significant contributions to Oman by establishing deep cultural and economic connections. Many Indian-origin merchant families have settled permanently in Oman, with prominent examples like the Khimji family who arrived from Gujarat in the 1800s and established lasting legacies that continue today through their descendants. These families have become integral to Oman's social and economic fabric while maintaining their Indian heritage. As India and Oman celebrate 70 years of diplomatic relations, these Indian-origin Omanis continue to serve as important bridges between the two nations, strengthening bilateral ties through their ongoing connections with India.
Watch clip answer (00:16m)WION
00:00 - 00:17
How have Indian origin nationals been received and integrated into Omani society?
Indian origin nationals in Oman have experienced remarkable integration, characterized by mutual respect and absence of discrimination. As Kiran Asher describes, Indians and Omanis mingle harmoniously 'like one family,' with many Indian families having established deep roots in Oman over generations. Asher emphasizes that Indians have been treated equally and respectfully, creating a sense of belonging that makes Oman feel like home. He uses the metaphor of milk and sugar mixing together to illustrate how seamlessly the two cultures have blended, reflecting the beautiful relationship between the communities where cultural differences are celebrated rather than divisive.
Watch clip answer (00:45m)WION
02:02 - 02:48
What milestone are India and Oman celebrating in their bilateral relationship?
India and Oman are celebrating 70 years of established diplomatic ties. This significant milestone was commemorated with the release of a special logo during Indian Foreign Minister S.J. Shankar's visit to Oman. The celebration highlights the enduring relationship between the two nations that has developed over seven decades. The anniversary recognizes the historical connection that has fostered cultural exchanges, economic partnerships, and the successful integration of the Indian diaspora in Omani society, including notable families like the Kimjis who have contributed to strengthening these bilateral relations.
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WION
03:07 - 03:18