In speaking to families, the topic of managing legacy inevitably arises – normally from parents or grandparents, but also occasionally from the children who are mindful of expectations that come with the privilege of belonging to an entrepreneurial family.
Dubai’s vibrancy as a hub for family businesses is underpinned by family enterprises, which have grown into multibillion-dollar companies over the past few decades.
This raises questions of governance, transitioning leadership and the preservation of family legacies. These are very meaningful topics to our family.
In the more than 900-year history of the Princely House, our family has faced questions many times of how to uphold shared values over generations, or how wealth can be successfully managed over generations.
In our family, values are key: These are rooted in our faith, which has been part of our tradition for centuries.
Our family’s House Law states that this should serve as a guide for family decisions. This manifests itself, for example, in our family’s principle that wealth alone isn’t a purpose: it comes with social responsibility.
LGT Group annually allocates 10 per cent of dividends to philanthropic activities, and our company views society and people as a key pillar of sustainability.
Nurturing our values for generations is a challenge. The Princely Family is made up of more than 140 members and the younger generation, in particular, has spread throughout Europe and beyond.
While this is favourable for gaining valuable experience and broadening one’s horizon, it makes cohesion more challenging than when most of our family resided in the same place.
I have fond memories of frequently seeing cousins while growing up. But how can we build up trust and identify shared values if we don’t spend quality time with our extended family?
Both the size of our family and the increasingly international character make it essential to actively support unity.
We meet up and get to know one another, but also to simply have a good time together. Notwithstanding the indispensable tools to communicate, we do this through family days and different gatherings.
By sharing traditions and values in the immediate as well as extended family, bonds are forged and family values are upheld.
My parents exemplified these for myself and my sisters when we were growing up. My wife and I try to pass on those values to our son in the same way.
Often, the business that is the source of a family’s wealth and income becomes more diversified through generations.
Generations may have different views, which may lead to conflicts. Every family should address a few fundamental questions to find common ground.
What stake should family members have in income generated from the family business? Should the family business be deployed to pursue other objectives, such as philanthropy? What is the appropriate legal structure for assets? How are the assets to be invested, and by whom?
In our family, there are informal principles that aren’t explicitly laid out as well as practical, hands-on methods to this.
I find it important to listen to the next generation, but if they ask for advice, one piece I am always ready to give is, try to stand on your own two feet.
Get experience outside the family firm – it boosts one’s standing as well as one’s confidence.
And put a lot of thought into what role or roles you might take in a family business context to acquire an appropriate skillset to do so beforehand.
The principle of personal responsibility, of not taking your family’s privileged situation for granted, is helpful in many facets of development and in life.
It isn’t especially helpful for our family members to have specific privileges associated with their name and title.
We are aware that we are the youngest link in a chain of more than 26 generations that have built what we have today.
This awareness instils in us both gratitude for the safety and security of family, but also a sense of responsibility for coming generations.
Prince Hubertus von und zu Liechtenstein is member of the foundation board of LGT Group Foundation
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
More on Quran memorisation:
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Zayed Sustainability Prize
The five pillars of Islam
Killing of Qassem Suleimani
TWISTERS
Director: Lee Isaac Chung
Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos
Rating: 2.5/5
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
'Nightmare Alley'
Director:Guillermo del Toro
Stars:Bradley Cooper, Cate Blanchett, Rooney Mara
Rating: 3/5
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
KILLING OF QASSEM SULEIMANI
Mohammed bin Zayed Majlis
Zayed Sustainability Prize
The results of the first round are as follows:
Qais Saied (Independent): 18.4 per cent
Nabil Karoui (Qalb Tounes): 15.58 per cent
Abdelfattah Mourou (Ennahdha party): 12.88 per cent
Abdelkarim Zbidi (two-time defence minister backed by Nidaa Tounes party): 10.7 per cent
Youssef Chahed (former prime minister, leader of Long Live Tunisia): 7.3 per cent
More from Neighbourhood Watch:
Zayed Sustainability Prize
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
MATCH INFO
Uefa Champions League semi-finals, second leg:
Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE
Game is on BeIN Sports
More on animal trafficking
The years Ramadan fell in May
The biog
Title: General Practitioner with a speciality in cardiology
Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India
Education: Medical degree from the Government Medical College in Nagpur
How it all began: opened his first clinic in Ajman in 1993
Family: a 90-year-old mother, wife and two daughters
Remembers a time when medicines from India were purchased per kilo
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
KILLING OF QASSEM SULEIMANI
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
If you go
The flights
Etihad flies direct from Abu Dhabi to San Francisco from Dh5,760 return including taxes.
The car
Etihad Guest members get a 10 per cent worldwide discount when booking with Hertz, as well as earning miles on their rentals. A week's car hire costs from Dh1,500 including taxes.
The hotels
Along the route, Motel 6 (www.motel6.com) offers good value and comfort, with rooms from $55 (Dh202) per night including taxes. In Portland, the Jupiter Hotel (https://jupiterhotel.com/) has rooms from $165 (Dh606) per night including taxes. The Society Hotel https://thesocietyhotel.com/ has rooms from $130 (Dh478) per night including taxes.
More info
To keep up with constant developments in Portland, visit www.travelportland.com. Good guidebooks include the Lonely Planet guides to Northern California and Washington, Oregon & the Pacific Northwest.
Mohammed bin Zayed Majlis
The five pillars of Islam
Mohammed bin Zayed Majlis
KILLING OF QASSEM SULEIMANI
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
TEAMS
US Team
Dustin Johnson, Jordan Spieth
Justin Thomas, Daniel Berger
Brooks Koepka, Rickie Fowler
Kevin Kisner, Patrick Reed
Matt Kuchar, Kevin Chappell
Charley Hoffman*, Phil Mickelson*
International Team
Hideki Matsuyama, Jason Day
Adam Scott, Louis Oosthuizen
Marc Leishman, Charl Schwartzel
Branden Grace, Si Woo Kim
Jhonattan Vegas, Adam Hadwin
Emiliano Grillo*, Anirban Lahiri*
* denotes captain's picks
More from Neighbourhood Watch:
The years Ramadan fell in May
Killing of Qassem Suleimani
Read more about the coronavirus
More on Quran memorisation:
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
The years Ramadan fell in May
The specs: 2018 Jeep Grand Cherokee Trackhawk
Price, base: Dh399,999
Engine: Supercharged 6.2-litre V8
Gearbox: Eight-speed automatic
Power: 707hp @ 6,000rpm
Torque: 875Nm @ 4,800rpm
Fuel economy, combined: 16.8L / 100km (estimate)
UAE currency: the story behind the money in your pockets
Our Time Has Come
Alyssa Ayres, Oxford University Press
