The UAE Cabinet has a approved a draft law amending provisions within the nation's Federal Law, a move which comes within the framework to enhance the country's trade and investment development
The Cabinet approved a draft law to allow family-owned companies to list on the UAE's stock markets, according to state-run news agency WAM.
The draft law, which targets UAE nationals and foreign investors, will bolster the competitive environment of the UAE's economy and guarantee a high standard of services, the tweet said.
The mended provisions will permit family-owned companies to turn into public joint stock companies.
The proposed law will offer family businesses protection from defaulting and encourage UAE citizens to engage in business activities and invest in public shareholding companies while protecting their interests, WAM said, citing the Cabinet Secretariat.
