UAE Ministry of Economy introduces new family business law

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UAE
  • Date: 28-Nov-2022
  • Source: SME10X
  • Sector:Economy
  • Country:UAE
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UAE Ministry of Economy introduces new family business law

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The UAE Ministry of Economy introduced the Federal Decree Law No. 37 of 2022 on family businesses, which forms part of the comprehensive and the long-term program adopted by the UAE government to enhance and raise the family business environment in the country to globally competitive levels.

H.E. Abdullah Bin Ahmed Al Saleh, Undersecretary of the Ministry of Economy, confirmed that the UAE attaches great importance to the family business sector and is aware of this vital economic model’s significance in sustainable development.

HE Al Saleh underlined that the new family business law issued by the UAE government is a significant milestone in the development of legislation regulating the ownership and governance of family businesses in the UAE. Upon its entry into force in January 2023, it will provide the legal framework required to ensure the growth of family businesses, help diversify their activities, and facilitate their continuity and longevity through generations. The third and fourth are through well-studied mechanisms and procedures that support family businesses’ ability to expand and grow in a sustainable manner, enhance their competitiveness and develop their operations in local and foreign markets, in accordance with the goals and projects of the 50 and the determinants of the

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