Ministerial Decision No. 107/2023 On the Family Business’ Purchase of Its Shares
The Minister of Economy,
Pursuant to the perusal of Federal Law No. 1/1972 on the Competencies of Ministries and the Powers of Ministers, and its amending laws;
Federal Decree-Law No. 32/2021 on Commercial Companies; and
Federal Decree-Law No. 37/2022 on Family Businesses,
Has decided the following:
Article 1 - Definitions
State: The United Arab Emirates.
Ministry: The Ministry of Economy.
Minister: The Minister of Economy.
Competent Authority: Local authority concerned with the companies affairs in the concerned Emirate, including the Free Zones.
Concerned Entities: Federal or local government entities.
Partner / Shareholder: Every owner of shares or stocks in a Family Business.
Share: The partner's share or the shareholder's stocks in a Family Business.
Family Business: Every company established in accordance with the provisions of the Companies Law and whose stocks or shares are mostly owned by persons who are members of a single family, and is registered in the Register as a Family Business under the provisions of the Decree-Law on Family Businesses.
Decree-Law on Family Businesses: Federal Decree-Law no. (37) of 2022 on Family Businesses.