Daijiworld Media Network- Dubai (AJD)

Dubai, Aug 20: A new law has been formed to regulate family businesses and process their even transfer between successive generations in Dubai.

On Wednesday new law was passed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE.

The official statement stated the new law that seeks to protect families' wealth, enhance the contribution of their businesses to economic and social development and foster the growth of family businesses.

The statement also read law is optionally applicable to existing and new family ownerships, including corporate equity securities and proprietorship. Family ownership in public joint stock companies and movable and immovable property are excluded from this law. This law annuls any other legislation that contradicts of challenges its articles.

The new law also clarifies the responsibilities and authorities of government agencies with regard to facilitating the formation of family-owned businesses.