Dubai-Al Watan:
Expert and legal advisor Dr. Faisal Saeed Al-Hefeiti confirmed: The Dubai government’s decision to form a committee for resolving family business and family property disputes in the emirate aims to preserve its continuity and prevent the cessation of its business or affect its reputation.
Faisal Al-Hefeiti added: This decision comes as an extension of the establishment of the Family Business Center in Dubai last February, which reflects the importance of these companies and their active role in the Dubai economy, explaining that organizing their work is in the interest of continuing momentum in all the fields in which they operate and maintains market stability.
He revealed that the decision to form the committee also embodies Dubai’s accelerated measures that keep pace with the development of markets, and enhance the emirate’s position as a destination for the headquarters of family businesses, and also enhances the emirate’s position as the best investment destinations for foreign investors and the wealthy.
The committee will assume the necessary powers to consider and decide all types of disputes related to family companies and family ownership, and the necessary powers to take appropriate preventive and urgent measures, to maintain the continuity of family companies, and prevent the cessation of their business or impact on their reputation or financial position throughout the period of consideration of the dispute, in a way that supports the sustainability of the companies. And family ownership, and maintaining its role as a partner in pioneering Dubai’s economy
Faisal Al-Hefeiti stressed that family companies are the pillar of the sustainable development process, the foundation of the future economy, and have been the backbone of the economy of the United Arab Emirates since its founding. According to official statistics issued by the Ministry of Economy in 2021, family companies represent about 90% of the total number of private companies in the country. The UAE, and its investments are distributed in various fields, contributes about 40% of the UAE’s gross domestic product, and employs more than 70% of the workforce in the sector.
Faisal Al-Hefeiti added that the Family Business and Family Ownership Dispute Resolution Committee consists of a judge whose rank is no less than an appeals judge to be its chairman. The committee also includes two members with experience and expertise in the legal and financial fields, and family business management. The decision also stipulated the formation of the committee within the Dubai Courts, ensuring that it benefits from the technical, administrative and legislative infrastructure of the courts, to carry out the tasks and work assigned to it.
He believes that issuing new legislation or re-updating current laws in line with local and global developments works to provide a positive climate for investment and encourages the injection of more capital.
Faisal Al-Hefeiti explained that Dubai’s plans are clear in all fields, and it aims for the family business sector to continue its prosperity in order to achieve the goals of the Dubai Economic Agenda (Dubai 2033), which seeks to make Dubai among the top three economic cities in the world, and the fastest growing and most attractive global business center.
