On the 13th August 2020 Dubai issued its ‘Regulating Family Ownership Law No.9 of 2020’. This allows family members to customise and enter into a legally binding contract to enable joint ownership and administration of a wide variety of property excluding publically quoted shares.
The ability to tailor and proportion a wide variety of provisions makes this a perfect vehicle for complicated family business structures whilst enabling clear administration and control by both key family members and professional appointees.
The law is specifically beneficial for protecting family privacy and allowing continuity and smooth transition from one generation to another. It is hoped that as well as protecting family wealth it will also enhance economic and social development in Dubai by fostering the growth of family business.