The UAE Cabinet’s approval of various amendments to the commercial agencies law is a key step to issuing a related amended law at a federal level, said Mninister of Economy Sultan bin Saeed Al Mansouri.

 

The federal law will help support the activities of commercial agencies, the national economy, encourage investment, ensure transparency, and balance the relationship between agents and clients, he was quoted as saying by Wam news agency.

 

Al Mansouri said that statistics from the Ministry of Economy indicate that many of the companies are owned by family businesses and that the recent amendments will allow these companies to become public joint-stock companies, enabling them to further grow.

 

He also explained that the amendments aim to protect the investments of family businesses, as well as create new opportunities for the financial market by forming new companies, encourage citizens to invest in public joint-stock companies, protect the interest of citizens involved in franchises, especially small and medium-sized enterprises, and keep pace with the country’s economic and political development.