Family businesses will be extended all support to ensure their continuity across generations, and with the support of legislation. Image Credit: Gulf News Archive

Dubai: The UAE's legal framework will be updated to "better organize" the operations of family businesses and, just as vital, ensure their continuity.

"A clear plan has been developed to stimulate the leadership of these companies and enhance their competitiveness," said Abdulla Bin Touq Al Marri, UAE Minister of Economy, in a meeting with representatives of the Family Business Council - Gulf." The Ministry of Economy is keen to raise the level of coordination with all its partners to develop specific initiatives that would enhance the readiness of priority sectors and economic activities, most notably family businesses, to keep pace with the nation’s transformation over the next 50 years."

Joint development

The Ministry and FBC - Gulf have created joint work teams to provide  the necessary legislative and organizational support. The joint work team reviewed the steps implemented so far as a result of the meetings of three main working groups - the strategy team, the research and development team, the legislation and best practices team.

The outcomes of these meetings included an agreement to start work in the next phase based on fixed timeframes. These are the development of policies that support the growth of family businesses and raising awareness on the importance of governance.