New decree to set up centre for family businesses in Dubai

Dubai: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice- President and Prime Minister of the UAE, in his capacity as the Ruler of Dubai, has issued a decree to establish a family business centre to boost the sustainability and growth of family businesses in the emirate.

The centre will be established within the organisational structure of Dubai Chambers.

The decree to establish the new centre is in line with a federal law on family companies that aims to develop a comprehensive and seamless legal framework to regulate the ownership and governance of family companies in the UAE and ease their transfer from one generation to another.

Under the decree, the centre will provide technical and administrative support to family businesses in a manner that ensures their smooth succession across generations.

The new entity will have to draw up an inclusive strategy to boost and develop family-owned companies in the emirate and suggest creative options for dealing with such companies and enhance their growth opportunities.