UAE jobs: New federal law to attract more family businesses, boost economy, says top government official

UAE jobs: New federal law to attract more family businesses, boost economy, says top government official

The decree, which will come into force in January 2023, aims to enhance and raise the family business environment in the country to globally competitive levels

Published: Mon 28 Nov 2022, 6:12 PM Last updated: Mon 28 Nov 2022, 6:13 PM

The new federal law regulating family businesses in the UAE will attract more family companies to the country, and will boost the economy, a top government official has said.

The new family business law, which will come into force in January 2023, was introduced by the UAE government to enhance and raise the family business environment in the country to globally competitive levels.

During a media briefing in Abu Dhabi on Monday to introduce the Federal Decree Law No. 37 of 2022 on family businesses, Abdullah Bin Ahmed Al Saleh, Undersecretary of the Ministry of Economy said: "The family business sector is a major economic growth driver in most countries, and they play a fundamental role in establishing new businesses, attracting investments and creating job opportunities in various sectors.”

He noted that the new law is part of government efforts set to enhance the family business sector’s role as a major contributor to national economic growth, and a key partner in the UAE’s sustainable