The UAE Ministry of Economy announced that it has begun accepting applications from family businesses for registration in the unified registry for family enterprises.
The initiative aims to align family business practices with global standards and ensure their continuity by Federal Decree-Law No. 37 of 2022 on family businesses.
According to Abdullah Ahmed Al Saleh, Under-Secretary of the Ministry of Economy, the UAE is committed to developing a solid legislative and regulatory environment to promote the growth of family businesses and support their continuity and sustainability in the coming decades by global best practices. This commitment stems from the sector’s critical role in promoting national economic growth and enhancing regional and global competitiveness.
By virtue of Cabinet Decision No. 109 of 2023, the Ministry established the Unified Registry for Family Companies to create a comprehensive and standardized database containing information about the country’s family businesses.
According to cabinet decision No. 106 of 2023, family businesses can voluntarily register their family charters with the Ministry. This charter includes specific details about the ownership, objectives,and family values, as well as mechanisms for evaluating shares and methods of distributing profits.
