The United Arab Emirates has announced to some of its largest family businesses that it plans to end its monopolies on the sale of imported goods, according to Bloomberg, citing the Financial Times.
The government has proposed legislation that ends the automatic renewal of commercial agency contracts, the newspaper reported. This will allow foreign companies to distribute their own products or change their local representative at the end of the contract.
The law is expected to be approved by the UAE leadership, the FT said, citing unknown officials. The timing remains uncertain and the UAE government has not commented on the story.
Family businesses make up the majority of the Gulf nation’s business, with franchises ranging from supermarket chains to car dealerships.
Some of the well-known family businesses in Dubai, part of the UAE, include Majid Al Futtaim Holding, Carrefour SA’s Middle East branch manager, and the Al Habtoor Group, which owns hotels, real estate and car dealerships.
.
Source From: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
