UAE Business: UAE’s new family business law ‘outlines roadmap for growth’ – Gulf Digital News

UAE Business: UAE’s new family business law ‘outlines roadmap for growth’ – Gulf Digital News

UAE’s new family business law forms part of the nation’s comprehensive efforts to outline a roadmap for the growth and prosperity of family businesses in the country.

There exists no other legislation regulating the operations of family businesses such as the UAE’s and this is set to consolidate the country’s position as a foremost and preferred destination for family business investments and projects, regionally and globally, said Abdullah Bin Ahmed Al Saleh, Undersecretary of the Ministry of Economy, at a media briefing.

The family business law is a significant milestone in the development of legislation regulating the ownership and governance of family businesses in the UAE.

Legal framework

Upon its coming to 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, he said.

He pointed out that the UAE - thanks to the vision and directives of its wise leadership - attaches great importance to the family business sector and is aware of this vital economic model’s significance in sustainable development.

He added: "The family business sector is a major economic growth driver in most countries and they play a fundamental role in establishing new