AMENDMENTS TO THE FEDERAL AGENCY LAW APPROVED BY UAE CABINET
THE AGENCY LAW
Federal Law No. 18 of 1981 (Agency Law) regulating the contractual aspects of Agency, Franchise, and Distribution Agreements in UAE.
STATUS OF AMENDMENT
Draft Law Approved by UAE Cabinet
AMENDMENT MAY AFFECT
• The Business Sector • Public Shareholding Companies • UAE Nationals • Foreign Investors
WHAT WE CAN EXPECT FROM THE AMENDMENT
• Family Owned Companies may be able to turn to Public Stock Companies. • Business and Investment Conditions in UAE to be par International Standards. • Attracting Investments and boosting UAE Economy. • Ensuring continuity of Family Businesses and their growth in future. • Opportunities for Investment in Public Shareholding Companies by UAE Nationals with minimum risk. • Regulations to protect interest of owners and shareholders in case of termination or non-renewal of agreements without proper reasons.
The Amendment seems to promise greater opportunities for Family Business Owners to grow and contribute towards their future as well as the Economy of UAE.
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