Ministry of Economy launches unified family business registry – Gulf Today

Ministry of Economy launches unified family business registry – Gulf Today

Thes proceedure specifies a set of controls and requirements related to the registration of the family business.

The Ministry of Economy launched a unified registry for family businesses, highlighting four new cabinet resolutions that will enhance the governance of family companies and support the competitiveness of the legislation governing the sector in the country. The initiative is also aimed at ensuring family businesses’ sustainability and leadership in accordance with a clear vision to solidify the UAE’s position as a leading destination for local, regional, and global family companies.

Abdullah Bin Touq Al Marri, Minister of Economy, emphasised the outstanding role of family businesses in promoting the growth and sustainability of economies around the world. According to estimates, family businesses account for 70 percent of the private sector companies globally, 60 percent of the total workforce and 70 percent of the global GDP. In the UAE, the sector contributes 40 percent of the national GDP, making up 90 percent of the total number of private companies in the country. This underscores its importance and key role in supporting the achievement of the national goal to double the country’s GDP to Dhs 3 trillion by the next decade in accordance with the