Abu Dhabi: The Family Business Ownership Act has been enacted in Abu Dhabi to prevent the sale of shares outside the family.
The law was issued by the ruler Sheikh Khalifa bin Zayed Al Nahyan. Shares or dividends may not be sold to other individuals or companies without the prior consent of the family business partner.
Unilateral mortgaging of stock items will also be prevented. The new law will take effect in March. Non-family members have a discount of more than 40% on existing businesses.
