UAE approves draft law on family businesses

Family-owned companies will soon be able to get listed on the UAE's financial markets.

The federal cabinet has approved a draft law allowing these businesses to turn into public joint-stock companies.

It has also amended certain provisions in the country’s Agency Law, which regulates commercial and distribution agreements.

According to national news agency WAM, the initiative is aimed at boosting investment opportunities and encouraging UAE citizens to engage in business activities.

مجلس الوزراء يعتمد مشروع قانون اتحادي بتعديل بعض أحكام قانون تنظيم الوكالات التجارية، والذي يأتي في إطار مواكبة التطورات الاقتصادية والاحتياجات التنموية والاستثمارية في الدولة، وفق أفضل الممارسات العالمية #حكومة_الإمارات pic.twitter.com/CljsaPIoFl

— UAEGOV (@UAEmediaoffice) January 18, 2020