Dubai: Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, First Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance, has issued a resolution to establish a Family Business and Family Ownership Disputes Settlement Committee in Dubai.
The committee’s purpose is to ensure the continuity of family businesses and safeguard their significant role in Dubai’s economy.
It will handle and resolve disputes related to family businesses and ownership, including the authority to take preventive and urgent measures to maintain their operations, reputation, and financial stability during the dispute resolution process.
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Family businesses are a vital part of Dubai’s economy, and this committee’s activation will help them remain integral to Dubai’s growth and prosperity.
“We continue to work to create a business environment that supports the sustainability of family businesses, ensures ownership continuity and helps improve their governance and contribution to Dubai’s economy as key partners in development and a leading destination for promising investment opportunities,” Sheikh Maktoum said.
“Dubai is keen to ensure we have the right climate that helps family businesses grow and flourish generation after generation, contributing to the Dubai Economic Agenda D33’s objective of making Dubai one of the world’s top urban economies as well as the fastest-growing and most attractive business hub,” he added, pointing out that the ‘Committee for Dispute Settlement of Family Businesses and Ownership’ will comprise financial experts who will work alongside judges to provide specialised judicial expertise.
“The committee will consider and settle all disputes related to family businesses and family ownership while preserving their continuity and preventing the interruption of its work or harm to its reputation or financial position throughout the period of consideration of the dispute. Dubai was, is and will continue to be an incubator for companies and family ownership and a supporter of effective justice,” he added.
