<p><b>Purpose</b> - The purpose of the paper is to provide some insights into the importance of family business in the transition of the Gulf Cooperation Council (GCC) region into a diversified, modern economic region.</p><p><b>Design/methodology/approach</b> - This is a viewpoint paper, bringing together recent relevant academic and industry literature combined with the authors' observations of emerging regional trends.</p><p><b>Findings</b> - The authors find that family businesses have been an anchor of private sector economic development in the GCC. Family businesses across the region reflect both the challenges and opportunity of the context. Recent social and economic changes present challenges to the historical ways of operation, and yet they also present opportunities.</p><p><b>Originality/value</b> - This paper is intended to be thought provoking and insightful for those in the region and those with an interest in the region. The unique social, historical and economic characteristics of the region are discussed along with their impact on family businesses.