Abu Dhabi issues new family business ownership governance law

ADDED will release the new law's executive and administrative guidelines in March 2022.

Abu Dhabi issues new family business ownership governance law
Photo by Tingey Injury Law Firm / Unsplash

President of Abu Dhabi Sheikh Khalifa bin Zayed Al Nahyan has released a new family business ownership governance law that increases the sector's contribution to the economy and enables the transfer to succeeding generations.

"This law is a crucial pillar in improving the critical role performed by these firms in promoting economic growth," said Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development, of the new law.