Page 429 - MOE ENGLISH PR - MAY 2024

5/28/24, 4:32 PM Ministry of Economy starts accepting applications for registration of family businesses in the unified registry

H.E. Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, explained that

the UAE, thanks to the directives of its wise leadership, is committed to developing a
robust legislative and regulatory environment to enhance the growth of family businesses

and support their continuity and sustainability over the coming decades, in accordance

with global best practices. This commitment stems from the sector’s key role in promoting
the growth of the national economy and supporting its regional and global

competitiveness. H.E. Al Saleh expressed his happiness that the registration of family
businesses in the unified registry complements the national efforts to ensure an ideal

working environment for family companies and encourage them to expand into new

economy sectors, thus contributing to solidifying the UAE's leading position as a global
destination for business and investments.

The Ministry had launched the Unified Registry for Family Companies by virtue of Cabinet
Decision No. 109 of 2023, with an aim to build a comprehensive and standardized

database containing all information related to family businesses in the country. The goal is

to elevate the operations of these businesses to more competitive and diverse levels.
Additionally, the Ministry has outlined a series of criteria and requirements for the

enrolment of a family business in this registry.

The Ministry had also conducted a series of meetings with various government entities,
including chambers of commerce and industry, licensing authorities in economic

development departments and free zones to strengthen collaboration and coordination in
order to streamline the registration of family businesses in the unified registry. These

efforts cater to the needs of family businesses seeking registration and provide them with

comprehensive support in this regard.

The Ministry explained that the request to register a family company in the unified registry

must be submitted to the licensing authority that issued the economic license to that
company. The application will be forwarded to the Ministry of Economy, which will then

make a decision after examining the company’s compliance with the regulations and
conditions stipulated in the family companies law and related decisions. Once the review

is successfully completed, the Ministry proceeds to register the applicant in the registry.

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