The Sharjah Executive Council announced a decision to regulate family businesses within the emirate during a meeting on Tuesday. According to the decision, family businesses must adhere to an incorporation contract that aligns with the provisions of the Companies Law. The initiative is designed to establish mechanisms for resolving disputes within family businesses and to create a legal framework for their organization and governance. The decision also aims to facilitate the smooth transition of businesses across generations, ensuring their sustainability and enhancing their contributions to the emirate's economy. This regulation will apply to family businesses established within the emirate, existing companies owned by single-family members, and family enterprises in free zones, provided they do not conflict with the regulations governing those areas.
The decision includes provisions concerning ownership within family businesses, the disposal of shares by partners, share classifications, and family endowment businesses. It also addresses the family charter, dispute resolution, processes for dissolution and liquidation of the company, and executive decisions regarding enforcement and effectiveness. During the meeting, the council also reviewed general policies guiding government operations in Sharjah and discussed strategies for their enhancement. Proposals and plans aimed at supporting urban development in residential areas across the emirate were deliberated, with the goal of fostering social cohesion and reinforcing family stability for citizens.
The council examined a presentation on the academic progress of government employees, reflecting the Sharjah Ruler's continuous encouragement for citizens to study and benefit from available scholarships. The decision to regulate family businesses was issued during the Sharjah Executive Council's meeting, presided over by Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah. The meeting was also attended by Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Deputy Chairman of Sharjah Executive Council, and Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Deputy Chairman of Sharjah Media Council. The meeting took place at the Ruler's office.
