SHARJAH: H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, presided over a meeting of the Executive Council this morning, Tuesday.
The meeting was attended by H.H. Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Deputy Chairman of Sharjah Executive Council, as well as H.H. Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Deputy Chairman of Sharjah Media Council. The meeting was held at the Ruler’s office.
During the meeting, the council examined the general policies guiding government operations in the emirate of Sharjah and discussed strategies for their enhancement in light of the significant advancements and comprehensive development occurring in the emirate across all societal segments and diverse sectors.
The council announced a decision to regulate family businesses within the emirate of Sharjah. This initiative aims to create a legal framework for the organisation and governance of family businesses, f
acilitating their transition across generations, ensuring their sustainability, and bolstering their contributions to the emirate’s economy.
Additionally, the decision seeks to establish mechanisms for resolving disputes related to family businesses.
The decision outlined its applicability to family businesses formed within the emirate, existing companies owned by single-family members, and family enterprises established in free zones, provided these do not conflict with the regulations governing those areas.
According to this decision, a family business must have an incorporation contract in line with the provisions of the Companies Law. It also included regulations concerning ownership within family businesses, the disposal of shares by partners, share classifications, and family endowment businesses, along with the family charter, dispute resolution, and the processes for dissolution and liquidation of the company, as well as executive decisions regarding enforcement and effectiveness.
The council deli
berated on proposals and plans aimed at supporting urban development in residential areas across the cities and regions of the emirate of Sharjah, thereby fostering social cohesion and reinforcing family stability for citizens living in the emirate.
Reflecting the ongoing support of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, the council reviewed a presentation on the academic progress of government employees. The Sharjah Ruler’s continuous directives encourage the citizens of Sharjah to study and benefit from available scholarships, highlighting employees’ eagerness to pursue further studies across various levels and disciplines.
Source: Emirates News Agency