The Council of Ministers adopted a federal bill to amend some provisions of the Commercial Agencies Regulation Law, which comes in the framework of keeping pace with economic developments and development and investment needs in the country, in accordance with international best practices.
The draft law targets the business sector and public shareholding companies, citizens of the state and foreign investors, and its amendments contribute to enhancing the competitive environment for the UAE economy and increasing investments, and ensuring the provision of a high level of services, and opening the way for family companies to transform into public shareholding companies, enabling them to continue for future generations. It also aims to enhance the capabilities and continuity of family businesses, and to establish the rules of their governance and protect them from faltering, in addition to encouraging the citizens of the state to do business and invest in public shareholding companies and protect their interests.
The bill will provide opportunities for the financial market, by transforming companies and listing them in the financial markets in the state, and encouraging the citizens of the state to do business and invest in public shareholding companies, which have commercial agencies and have a commercial agency with the least possible risks, especially small shareholders, while protecting the interests of Citizens of the state in the concession contracts granted to them, especially the owners of small and medium enterprises, from the arbitrariness of the client to terminate the contracts without convincing reasons and justifications.
The amendments target the business sector, public shareholding companies, citizens of the country and foreign investors.
The draft law works to provide opportunities for the financial market, through the transformation of companies and their inclusion in the country's financial markets.