Page 446 - MOE ENGLISH PR - MAY 2024

Ministry of Economy opens registration

in unified registry for family businesses

Story by Amjad Saleh

• 5d • 2 min read

Ministry of Economy opens registration in unified registry for family businesses© Provided by Emirates News Agency
(WAM)

ABU DHABI, 23rd May, 2024 (WAM) -- The Ministry of Economy announced
that it has started accepting applications from family companies for their
registration in the unified registry for family businesses. The initiative aims to
align the practices of family businesses with global standards and support their
continuity in line with the Federal Decree-Law No. 37 of 2022 on family
businesses.

Abdullah Ahmed Al Saleh, Under-Secretary 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.

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
standardised 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

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