From Foreign Waters

  Glad to announce that   Sheikh Mohammed bin Rashid , Vice President and Ruler of  Dubai , has established a new centre in the emirate that aims to support and help grow family-owned businesses. Family businesses play an important role in supporting the UAE economy and account for some of the biggest conglomerates in the country.  The UAE's new family law that came into effect in January aims to boost the contribution of family businesses to the country’s economy and attract more businesses to set up operations in the Emirates. The law regulates the ownership of family businesses by defining their capital, how the partner disposes of his share and the mechanism for waiving it, in addition to regulating the right of redemption and evaluation of shares and their categories, as well as the family company's purchase of its shares. 

  The UAE is moving forward towards robust economic growth in 2021 after emerging as one of the first countries in the world to resume its recovery process from COVID-19 repercussions. On Tuesday, the International Monetary Fund (IMF) published its latest World Economic Outlook report, projecting an increase in the UAE's economic growth for 2021 to 3.1 percent. This is in line with the UAE's remarkable handling of the Coronavirus pandemic which facilitated early resumption of economic activities in the country by May 2020 compared to other nations in the world. A recent report published by the Federation of Arab News Agencies (FANA) underlined that the UAE, the second-largest economy in the region, has shown exceptional efforts to overcome the economic impact of the pandemic. The Central Bank of the UAE is also looking forward to sturdy GDP growth this year with the government's continuous efforts to diversify the economy, strengthen private investment and boost spendin...