Speaking to Gulf News on Thursday, Khalaf Al Habtoor, member of the Dubai Economic Council, revealed that the UAE's Ministry of Finance and Industry is currently putting the finishing touches to new company laws.
The legislation being finalised by the UAE authorities will amend partnership rules, foreign ownership thresholds and IPO rules, and has been welcomed by the domestic business community.
Under current rules, when a firm decides to float on the stock market, it must list at least 55% of its shares, leaving its former owners holding a minority stake. This has led many family-owned enterprises to avoid listing.
However, the proposed legislation would bring the listing threshold as low as 25%.
Al Habtoor, who consulted on the law during its development phase, confirmed that:
"The federal government is revising the company law which will bring down the listing ceiling, making it flexible for us...A change in this, offering flexibility, will help the UAE's family businesses to go public."
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