Abu dhabi: The Abu Dhabi Family Business Council, under the Abu Dhabi Chamber of Commerce and Industry, has embraced the recent directive by His Highness Sheikh Mansour bin Zayed Al Nahyan to establish Family Business Dispute Resolution Committees within the Emirate. This initiative aims to bolster the legislative framework, ensuring stability and continuity for family businesses.
According to Emirates News Agency, this development is timely, given the increasing significance of family businesses in fueling the national economy. The establishment of these committees promises to offer effective mechanisms for resolving disputes, thereby maintaining business continuity, preserving internal cohesion, and boosting both investor confidence and the overall business climate in Abu Dhabi.
Khaled Abdul Karim Al Fahim, Chairman of the Abu Dhabi Family Business Council, highlighted the decision as a testament to the leadership's forward-thinking vision, reinforcing Abu Dhabi's status as a premier economic hub. He emphasized the leadership's dedication to a comprehensive legislative and judicial framework that underpins the sustainability of family enterprises.
The council expressed confidence that the committees will create a more stable and transparent environment for family businesses, facilitating efficient problem-solving and ensuring growth across generations. This move aligns with Abu Dhabi's commitment to governance and sustainability principles, supporting a vision for a diversified and competitive economy.
The committees are tasked with reviewing disputes related to incorporation agreements, management, or ownership within family businesses based in Abu Dhabi. They will address conflicts among partners, family members, or third parties, and review appeals against family council decisions, all within the applicable legal frameworks.
These committees are empowered to implement preventive and urgent measures to safeguard business continuity and protect companies' reputation and financial health. Depending on each dispute's nature, they may also consult specialized technical and legal experts.
Additionally, the decision emphasizes amicable settlements via dispute resolution centers. If amicable resolutions are not feasible, the committees are authorized to issue binding decisions, which can be appealed, while maintaining the confidentiality of all case-related information.
The Abu Dhabi Family Business Council reiterated its commitment to empowering family businesses, enhancing their role in the Emirate's economic advancement, and fortifying Abu Dhabi's standing as a global business hub.