Dubai has issued a decree creating the Family Business Centre
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, as Ruler of Dubai, has issued a decree establishing the Family Business Centre in Dubai to promote the sustainability and growth of family businesses in the emirate.
According to the decree, the Center will be established as part of the organizational structure of Dubai Chambers and will carry out the tasks assigned to it by this decree.
The federal decree “Family Business Law”, which aims to create a thorough and simple legal framework for the management of the ownership and management of family businesses in the United Arab Emirates, is in tune with the decree establishing the Family Business Center in the Emirate.
The decree outlines the duties and responsibilities of the Center, which include providing technical and administrative support to family businesses, ensuring their sustainability and orderly generational succession, developing a comprehensive strategy to support and develop family businesses in the Emirate, and providing creative solutions to work with these businesses and increase their growth prospects.
Under the Decree, public authorities in the Emirate and other organizations are called upon to cooperate fully with the Centre and provide all necessary support to enable it to carry out the tasks and powers entrusted to it under this Decree and the decisions made thereunder and the legislation in force in the Emirate.
The decree shall enter into force upon its issuance and shall be published in the Official Gazette.