Family-owned businesses serve as a fundamental pillar of the UAE’s economic landscape, accounting for almost 60% of the nation’s GDP, facilitating more than 80% of job creation, and comprising roughly 90% of private sector entities. These figures underline the essential contribution of family enterprises towards fulfilling the ambitious ‘We the UAE 2031’ vision, which targets a doubling of the national GDP to AED 3 trillion.
In a recent interactive session, representatives from six prominent family-run businesses were engaged by the Ministry of Economy and Tourism to foster partnerships and capitalize on the UAE’s forward-thinking legal environment. The dialogue highlighted the UAE’s progress in establishing a competitive landscape that ensures the longevity and sustainability of these businesses through generations.
A significant development in this regard is the introduction of the world’s first specialized Family Business Law — Federal Decree-Law No. 37 of 2022. This legislation is supported by four ministerial directives that create the Unified Family Business Register, the Family Charter framework, procedures for share buybacks, and guidelines for various share types. At present, 18 companies have joined the Unified Register, which enables services including registration, certificate issuance, and charter deposits.
The discussions also aimed at addressing challenges that family enterprises face, with a focus on potential intergenerational disputes that may hinder operations and growth. The legal framework provided by Federal Decree-Law No. 37 of 2022 delineates clear paths for managing ownership, governance, and transitions across generations, promoting stability and long-term prosperity.
Moreover, the dialogue illuminated ways for family enterprises to venture into emerging economy sectors and enhance investments, cementing their crucial role in crafting the UAE’s economic trajectory. With robust regulations, structured frameworks, and a clear blueprint, the UAE is steadfast in empowering family businesses as a keystone of national success.
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