UAE focuses on plan to regulate family ownership in next stage

Business Bureau, Gulf Today

Abdulla Bin Touq Al Marri, UAE Minister of Economy, emphasised the importance of developing the legislative structure to better organise the operations of family businesses in the country and ensure their continuity over successive generations. He noted that this should be achieved by considering the nature of these businesses and the rights of family ownership and in accordance with the established international best practices.

The minister said that family businesses are a major focus area in the country’s efforts to build a more flexible and sustainable economic model, and that a clear plan has been developed to stimulate the leadership of these companies and enhance their competitiveness. He further said that the Ministry of Economy (MoE) is keen to raise the level of coordination with all its partners from federal and local government entities and the private sector to develop a number of specific initiatives that would enhance the readiness of priority sectors and economic activities, most notably family businesses, to keep pace with the nation’s transformation over the next 50 years.

He added that the work teams formed by the Ministry and FBC-Gulf have put in place a number of tracks to move forward in this regard, and formulate the necessary economic policies to provide a supportive and encouraging environment to enhance the contribution of family businesses and their significant roles in the diversification and growth of the national economy.

The Minister made these remarks during his second meeting with the representatives of FBC-Gulf, which was held to review the progress of work achieved by the teams and joint work committees. The meeting was also attended by  Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade;  Abdulaziz Abdalla Al Ghurair, Chairman of the Board of Directors Member and Honorary Chairman of the Family Business Council-Gulf; H.E. Abdullah Bin Ahmed Al Saleh, Undersecretary of the Ministry of Economy; and  Omar Al-Futtaim, Vice Chairman of the Board, and a number of experts and advisors from both sides.

Furthermore, the two sides underlined the importance of the existing cooperation between MoE and the FBC-Gulf and the important initiatives presented by the joint work teams that support the operations of this sector and provide it with the necessary legislative and organizational support.

The joint work team reviewed the steps that have been implemented so far, as a result of the meetings of three main working groups, which are the strategy team, the research and development team, the legislation and best practices team. The outcomes of these meetings included agreement to start work in the next phase according to fixed time frames and clear specifics and implementation mechanisms that focus on three main tracks. These are the development of policies that support the growth of family businesses, enhancing data collection regarding family companies, and raising awareness on the importance of family business governance.

During the meeting, the two sides also agreed to form a technical committee headed by the Ministry and with the participation of FBC-Gulf and general advisors of the most important family companies, in order to follow up on the implementation of the plans and initiatives agreed upon according to the specified schedule.

Meanwhile, Dr. Ahmed Beloul Al Falasi, Minister of State for Entrepreneurship and SMEs, and Sheikh Mohammed bin Maktoum bin Juma Al Maktoum, Chairman of the Board of Directors of the UAE Tourist Guides Association, discussed their overall cooperation related to supporting tourist guides, focussing on assisting Emirati tourist guides and consolidating their role in advancing tourism in the UAE.

During the meeting, Al Falasi highlighted the importance of organising joint efforts and benefitting from available opportunities to create promising prospects and new opportunities that will encourage citizen cadres to begin successful careers as tour guides and become true ambassadors of the country, underscoring the UAE’s rich cultural, touristic and heritage potential.

He also stressed the importance of the partnership between the ministry and the association, noting that it will promote becoming tourist guides, which is one of the key activities driving the growth of tourism.

He also noted the 33 initiatives that promote domestic tourism and ensure its development, as well as support economic sectors in the face of emerging challenges, coinciding with the country’s preparations for the next fifty years.

Sheikh Mohammed Bin Maktoum stated that tourism is one of the fastest growing industries and helps strengthen the economies and infrastructures of countries, stressing that the association’s main objective is to highlight the key role of tour guides, in general, and Emirati tour guides, in particular, in promoting the country and encouraging citizens to engage in this field.

The ministry and the association agreed to hold regular joint meetings to monitor the latest developments and their achievements in promoting tourist guides.