Abu Dhabi issues new family business ownership governance law

Abu Dhabi has issued a new family business ownership governance law, according to a statement published on Tuesday by the emirate's government media office.

United Arab Emirates President Sheikh Khalifa bin Zayed Al Nahyan issued the new law in his capacity as ruler of Abu Dhabi, the largest of the seven emirates making up the UAE federation.

The new law prevents selling shares or dividends of family- owned businesses to individuals or companies outside the family, and requires prior approval from family partners before a shareholder sells an equity stake to a non-family member, the statement said.