UAE approves draft law to allow family owned companies to list

The United Arab Emirates, home to three stock markets, approved a draft law allowing family-owned businesses to list on the country’s financial markets.

The cabinet approved the draft law amending provisions in the “Agency Law” that regulates commercial and distribution agreements, state-run WAM news agency reported.

It’ll allow family-owned companies to turn into public joint stock companies.

WAM didn’t provide details on the changes.