Sunday 19, March 2017 by Jessica Combes

The Pearl Initiative partners with BMB Group to advance corporate governance among regional SMEs

Baklawa Made Better (BMB) Group, a homegrown confectionery business, has partnered with the Pearl Initiative to encourage the implementation of best practises in corporate governance in SMEs and in family businesses.

Baklawa Made Better (BMB) Group, a homegrown confectionery business, has partnered with the Pearl Initiative to encourage the implementation of best practises in corporate governance in SMEs and in family businesses.

BMB Group is one of the largest manufacturers of chocolate and Arabic sweets in the GCC region, with over 1,000 employees across its operations in the UAE, Qatar and Saudi Arabia. Headquartered in Dubai, the Group focuses on providing solutions for chocolate and bakery professionals through its trading and confectionery business that sources ingredients, specialises in bespoke packaging for confectionery, and produces a wide range of sweets, and incorporates corporate governance practices into its organisational structure, adopting a bottom-up strategy, to drive a change in mindset in the organisation through to its department leaders.

Founded in 2006, the BMB Group has embarked on an ambitious journey to introduce professional structures into the family-run business. Commenting on the collaboration, Bilal Ballout, CEO, BMB Group said, “The sustainability of SMEs and growth is an ongoing challenge in the region. There needs to be greater awareness about the benefits of corporate governance for SMEs as well as the mechanisms for implementing these structures. As we advance our own journey of implementing good corporate governance practices at the BMB Group, it is a privilege for us to partner with the Pearl Initiative, given their strong understanding of the region’s SME landscape and expertise in family business. Through our work with the Pearl Initiative, we hope to positively impact the region’s SME ecosystem by supporting their SME programme and partnering with them in their efforts to enhance the sector’s competitiveness.”

The partnership is aligned with the Pearl Initiative’s plan to roll out a comprehensive programme to enhance the competitiveness of SMEs in the region through raising awareness and initiating dialogue on the benefits to business of good corporate governance and accountability principles in SMEs. The Pearl Initiative will hold a series of round tables and workshops and develop practical tools and guidelines specifically for current and aspiring SME leaders in the Gulf region. SMEs comprise more than 90 per cent of all registered companies in most GCC countries and the sector is anticipated to grow significantly over the next decade.

“SMEs play an instrumental role in driving job creation and economic growth. The Pearl Initiative sees a huge opportunity to strengthen the SME ecosystem by encouraging stronger corporate governance standards that will allow SMEs to increase the value of their business. We welcome our partnership with the BMB Group, which we are confident will help us build on our ongoing commitment to advancing corporate governance standards in the region,” said Carla Koffel, Executive Director, the Pearl Initiative.

 

  

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