The Enforceability of a Family Constitution in the UAE

The UAE has recently issued the family companies law No.37 of 2022, aiming to regulate family companies by establishing a comprehensive and facilitated legal framework to regulate the ownership and governance of family companies in the UAE and facilitate their intergenerational transition.

This new law marks a key milestone and a monumental shift in the ability  of family businesses  to navigate matters of ownership, governance and succession through legal frameworks  that are designed to enhance their sustainability, longevity, competitiveness, and agility.

Session Description:  

This session will help family businesses understand how the law supports the long-term  sustainability and stability of family-owned businesses, as the family grows, and succession    inevitably occurs, as well as the role a well drafted family constitution can play in enabling family business sustainability .

Key Learning Outcomes:  

Participants will develop a strong understanding of how the new Family Companies’ Law in the UAE  impacts those businesses  and creates new opportunities with regards to succession, formalization of the  family charter and different classes of shares, and how to leverage the changes in the law to address  growth and bolster the legacy of the businesses.

Speakers:

• Yasmine Omari, Director – EY Private
• Fadi Hammadeh, Group General Counsel – Al-Futtaim