The Ministry of Economy announced that it has started accepting applications from family companies for their registration in the unified registry for family businesses.
The initiative aims to align the practices of family businesses with global standards and support their continuity in line with the Federal Decree-Law No. 37 of 2022 on family businesses.
Abdullah Ahmed Al Saleh, Under-Secretary of the Ministry of Economy, explained that the UAE, thanks to the directives of its wise leadership, is committed to developing a robust legislative and regulatory environment to enhance the growth of family businesses and support their continuity and sustainability over the coming decades, in accordance with global best practices. This commitment stems from the sector’s key role in promoting the growth of the national economy and supporting its regional and global competitiveness.
The Ministry launched the Unified Registry for Family Companies under Cabinet Decision No. 109 of 2023 to create a comprehensive database and enhance family business operations. It established criteria for registry enrollment and collaborated with various government entities to streamline the registration process.
Registration requests go through licensing authorities to the Ministry of Economy, which reviews compliance before approval. Additionally, family businesses can voluntarily register their family charters detailing ownership and profit distribution. The registry aims to support business continuity and intergenerational transitions, as governed by the Family Businesses Law.
News Source: Emirates News Agency
