Sharjah Executive Council Implements Regulations For Family Businesses To Ensure Sustainability And Governance
H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, led a meeting of the Executive Council on Tuesday morning. The session took place at the Ruler’s office and included H.H. Sheikh Abdullah bin Salem bin Sultan Al Qasimi and H.H. Sheikh Sultan bin Ahmed bin Sultan Al Qasimi. They discussed the emirate's general policies and strategies for improvement amid ongoing developments.
The council introduced a decision to regulate family businesses in Sharjah. This initiative aims to establish a legal framework for their organisation and governance, ensuring smooth generational transitions and sustainability. It also seeks to enhance their economic contributions while setting up mechanisms for resolving related disputes.
The new regulations apply to family businesses formed within Sharjah, including those owned by single-family members or established in free zones, as long as they align with existing regulations. A family business must have an incorporation contract per the Companies Law provisions.
The decision also covers ownership rules, share disposal by partners, share classifications, family endowment businesses, and the family charter. It includes guidelines for dispute resolution, company dissolution and liquidation processes, along with executive decisions on enforcement.
The council reviewed proposals aimed at supporting urban development in residential areas across Sharjah's cities and regions. These plans aim to foster social cohesion and reinforce family stability for citizens residing in the emirate.
Reflecting H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi's support, the council examined a presentation on government employees' academic progress. The Ruler of Sharjah encourages citizens to pursue education through available scholarships, highlighting employees’ eagerness to advance their studies across various levels and disciplines.
This meeting underscores Sharjah's commitment to enhancing governance structures and supporting its citizens' educational aspirations while promoting sustainable economic growth through regulated family businesses.
With inputs from WAM
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