Dubai enacts new law to regulate family-owned businesses

Dubai enacts new law to regulate family-owned businesses

DUBAI — Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum, who is also the prime minister and vice president of the United Arab Emirates, has approved a new law to regulate family-owned businesses in the emirate. By providing a clear legal framework for family ownership in the emirate, the new law seeks to protect families' wealth, enhance the contribution of family businesses to economic and social development and foster the growth of family businesses.The law is optionally applicable to existing and new family ownerships, including corporate equity securities and proprietorship. Family ownership in public