Family businesses vital driver of national economic growth: Marri

The UAE continues to adopt a forward-looking vision to enhance the regulatory and legislative frameworks governing family businesses in the country.

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This vision aims to foster sustainable growth, ensure long-term viability, and strengthen the sector's contribution to national economic competitiveness both regionally and globally.

The Ministry of Economy and Tourism played a key role in issuing the world's first comprehensive and pioneering legislation dedicated to family businesses: Federal Decree by Law No. (37) of 2022 concerning the Family Businesses.

The law aims to ensure business continuity through legal mechanisms and structured procedures, support diversification of business activities, ease generational transition, and encourage expansion into advanced sectors, particularly the new economy.

The Ministry has also issued four ministerial resolutions under which a unified registry for family companies was established. This registry currently includes more than 15 registered family firms. It also governs family business charters, share buyback mechanisms, and the issuance of multiple classes of shares.

In statements to the Emirates News Agency (WAM), Abdullah bin Touq Al Marri, Minister of Economy and Tourism, emphasised that the UAE, guided by its wise leadership, has prioritised the creation of an advanced legislative environment to promote the growth and sustainability of family businesses over the coming decades.

He highlighted that family businesses are a vital driver of national economic growth and a pillar of the UAE's long-term vision to build a future-ready economy.