Sharjah 24 – WAM: Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and Chairman of the Dubai Judicial Council, has issued a resolution for the formation of a ‘Family Business and Family Ownership Disputes Settlement Committee’ in Dubai, to ensure the continuity of family businesses and prevent any harm to their reputation or financial position while a dispute is being considered.
The decision is in line with fast-paced measures taken in Dubai to boost family business and ownership sustainability, and maintain the role of family businesses as partners in the emirate’s economy.
Sheikh Maktoum stressed that forming a committee to settle disputes of family businesses and family ownership is a reflection of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum to instill the values of justice and the rule of law, as well as his directives to establish a comprehensive legal framework to support family business and ownership sustainability and enhance their contribution to Dubai’s economy.
“We continue to work to create a business environment that supports the sustainability of family businesses, ensures ownership continuity and helps improve their governance and contribution to Dubai’s economy as key partners in development and a leading destination for promising investment opportunities,” Sheikh Maktoum said.
“Dubai is keen to ensure we have the right climate that helps family businesses grow and flourish generation after generation, contributing to the Dubai Economic Agenda D33’s objective of making Dubai one of the world’s top urban economies as well as the fastest-growing and most attractive business hub,” he added.
Sheikh Maktoum bin Mohammed pointed out that the ‘Committee for Dispute Settlement of Family Businesses and Ownership’ will comprise financial experts who will work alongside judges to provide specialised judicial expertise.
“The committee will consider and settle all disputes related to family businesses and family ownership while preserving their continuity and preventing the interruption of its work or harm to its reputation or financial position throughout the period of consideration of the dispute. Dubai was, is and will continue to be an incubator for companies and family ownership and a supporter of effective justice,” he added.
His Highness Sheikh Mohammed bin Rashid Al Maktoum had issued a decree last February, directing the establishment of the Family Business Centre in Dubai aimed at ensuring the sustainability and growth of Dubai family businesses by providing technical and administrative support to enhance sustainability and facilitate the smooth transition of power.
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