Maktoum bin Mohammed issues resolution for the formation of a Family Business and Family Ownership Disputes Settlement Committee

Under the directives of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and Chairman of the Dubai Judicial Council, has issued a resolution for the formation of a ‘Family Business and Family Ownership Disputes Settlement Committee’ in Dubai, to ensure the continuity of family businesses and prevent any harm to their reputation or financial position while a dispute is being considered. The decision is in line with fast-paced measures taken in Dubai to boost family business and ownership sustainability, and maintain the role of family businesses as partners in the emirate’s economy. HH Sheikh Maktoum stressed that forming a committee to settle disputes of family businesses and family ownership is a reflection of the vision of HH Sheikh Mohammed bin Rashid Al Maktoum to instill the values of justice and the rule of law, as well as his directives to establish a comprehensive legal framework to support family business and ownership sustainability and enhance their contribution to Dubai’s economy. “We continue to work to create a business environment that supports the sustainability of family businesses, ensures ownership continuity and helps improve their governance and contribution to Dubai’s economy as key partners in development and a leading destination for promising investment opportunities,” HH Sheikh Maktoum said. “Dubai is keen to ensure we have the right climate that helps family businesses grow and flourish generation after generation, contributing to the Dubai Economic Agenda D33’s objective of making Dubai one of the world’s top urban economies as well as the fastest-growing and most attractive business hub,” he added. His Highness pointed out that the ‘Committee for Dispute Settlement of Family Businesses and Ownership’ will comprise financial experts who will work alongside judges to provide specialised judicial expertise. “The committee will consider and settle all disputes related to family businesses and family ownership while preserving their continuity and preventing the interruption of its work or harm to its reputation or financial position throughout the period of consideration of the dispute. Dubai was, is and will continue to be an incubator for companies and family ownership and a supporter of effective justice,” he added. Building a safe community His Excellency Taresh Eid Al Mansouri, President of Dubai Courts, said that the decision to form the ‘Committee for the Settlement of Family Businesses and Family Ownership Disputes in the Emirate of Dubai’ stems from the wise leadership's commitment to building a safe society and a fair judiciary, achieving leadership and excellence in the judicial sector at all levels, enhancing social and economic stability in the emirate, consolidating Dubai's leading position on the global legal and judicial map with regards to the development and sustainability of family businesses and providing an alternative system for settling corporate disputes related to family businesses and family ownership in Dubai according to best practices followed in this field. His Excellency explained that the ‘Committee for the Settlement of Family Businesses and Family Ownership Disputes in the Emirate of Dubai’ has been formed within Dubai Courts to take advantage of the Dubai Courts system’s judicial and administrative work and the diversity of jurisdictions and legal expertise, in addition to the digital infrastructure designed to enhance the efficiency of operations related to the provision of judicial services. Enforcing laws For his part, His Excellency Prof. Saif Ghanem Al Suwaidi, Secretary General of the Dubai Judicial Council, stressed that the formation of the ‘Family Business and Family Ownership Disputes Resolution Committee’ would activate the laws regulating the affairs of family businesses and family ownership in the emirate, the most important of which are Federal Decree-Law No. (37) of 2022 on family businesses, and Law No. (9) of 2020 regarding the regulation of family ownership in the Emirate of Dubai, which achieves the desired effect of issuing this legislation in regulating the affairs of companies and family ownership in the emirate. His Excellency added that the presence of the committee and its formation of judges and specialists in the financial field will speed up the settlement of disputes that may arise regarding companies and family ownership, which will reflect positively on finding a balance between the requirements of prompt justice and the preservation of the economic interests of these companies and ownership. Formation of the committee The resolution stipulates the formation of the ‘Family Business and Family Ownership Disputes Settlement Committee’. A judge with a rank that is not lower than an appeal judge will be appointed as its ch