The new growth strategy was unveiled at a dinner hosted by the company in Riyadh and for entrepreneurs from 30 of the top Saudi family businesses in Riyadh.
Addressing the invitees, Rashad Kanbar, Founder and Chief Executive Officer of impaQta, highlighted impaQta’s core strength of helping family businesses use knowledge as the primary generator of wealth, especially since the 30 per cent divestment of its shareholding to Athar Al Majd Holding, a major private equity and investment management firm based in Saudi Arabia.
“The Saudi market bristles with success stories of family businesses and impaQta is here to give them the extra edge that is of critical importance in today’s knowledge-based economy,” said Kanbar. “We follow an approach that is driven by a focus on investments from different segments, individual investors, family businesses and businesswomen. This approach has significantly increased the value of the company over the past year. We foresee a more robust growth in the Saudi markets as well as in rest of the Middle East, North Africa and Gulf during 2005 and beyond.” he added.
“impaQta was established with the mission of providing knowledge aggregation and integration services in addition to management advisory to dynamic entrepreneurs in the region,” said Aiman Said, Managing Director and co-founder of impaQta. “Our services include personal coaching of executives, shadowing services, management consultancy and specialised training programs aimed at making regional executives and business leaders discard management practices of yesteryears and adopt strategies which assure success in a dynamic business environment. We are delighted by the response from the region, especially from the Saudi markets.”
The first anniversary celebrations were attended by entrepreneurs from some of Saudi Arabia’s most respected and successful family businesses and executives, including Dr. Sultan Bahabri, King Faisal Specialized Hospital, Ahmed Al Ghamdi, Managing Director, Athar Al Majd, and Abdul Moeen Al Shawaf, Al Shawaf Group.
Lauding impaQta’s role, Eng. Abdullah Al Rakhis, CEO and Managing Director, HiTS Holdings, said: “impaQta provides the much needed tools to unearth the hidden potential of established organisations and create new possibilities for action, change and growth. As family businesses grow, the need for expertise from external players becomes critical. impaQta is a dynamic player with proven credentials and can help organisations trigger a real transformation.”
impaQta is geared to play an increasingly important role in the region’s business landscape. The new growth strategy is prompted by studies that show that the value of private wealth in the Arabian Gulf countries in excess of US$ 1.5 trillion. The Arab Monetary Fund has reported that the total market capitalization of GCC listed companies had crossed US$ 377 billion in 2003.
Around 260 family-run businesses are currently operating in Saudi Arabia. impaQta’s expansion into the kingdom targets the growing number of young executives belonging to these businesses, women entrepreneurs and business leaders and small and medium businesses.
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