UAE: New Agency Law Amendments For Family Business

February 22, 2020

UAE, a draft law has been approved by the UAE Cabinet: to prompt family-owned businesses to seek stock market listings, IPO, allowing family-owned companies the opportunity to turn into public joint stock companies.

The UAE Cabinet has a approved a draft law amending provisions within the nation’s Federal Law No. 18 of 1981, otherwise known as the ‘Agency Law’ that regulates commercial agency and distribution agreements within the country.

The amendments come within the framework to enhance the country’s trade and investment development to boost the UAE’s competitive business climate in line with international standards and regulations. The amendments come within the framework to enhance the country’s trade and investment development to boost the UAE’s competitive business climate in line with international standards and regulations.

The Agency Law, will particularly be of concern for the business sector, public shareholding companies, UAE nationals and foreign investors.