Pursuant to Federal Decree Law No. 37 of 2022 concerning family businesses, the Ministry is mandated to develop a guide charter in respect of family businesses for the Family to consult.
This Charter aims to:
1. Regulate family affairs related to the family business and the relationship between the family and the family business.
2. Establish benchmark rules for the operation of the family business and ensure its continuity and success across generations.
3. Set specific benchmark rules governing:
1) Family ownership, objectives, and values.
2) Mechanisms for evaluating shares.
3) Profit distribution.
4) Development of a system for educating, training, and preparing family members to work in the family business and its subsidiaries.
5) Development of a comprehensive system for resolving and considering disputes and disagreements in family matters related to the family business.
6) Minimum academic qualifications and practical experience required for partners and family members to work in the family business or any of its subsidiaries, according to criteria that are easily achievable and verifiable by the fa...