The Ajman Chamber of Commerce and Industry (ACCI) organized a legal seminar entitled “Family Businesses”, as part of a series of legal seminars in cooperation with  Al Suwaidi & Partners. The seminar aims to enhance legal awareness of the foundations and rules of family businesses and shed light on the pioneering role of family businesses in supporting and developing the national economy.

The seminar was attended by Aisha Al Nuaimi, Director of the Legal Affairs Department at the Ajman Chamber, with the participation of business owners and a number of private sector establishment officials and legal professionals. The seminar was presented by legal consultant Wael Diab.

The seminar topics covered the pioneering impact of family businesses on the national economy, the challenges facing family businesses and ways to address them, ownership of family businesses and ways to dispose of partners’ shares in them, classes of shares and how to terminate the status of family business.

At the beginning of the seminar, Aisha Al Nuaimi welcomed the attendees and stressed the importance of the series of legal seminars as a sustainable interactive channel for educating the business community about legislation and updates in laws and regulations governing business, improving legal compliance, exchanging experiences on legal case models, and providing direct legal advice according to the legal seminar titles.

The seminar addressed the importance of family businesses in the national economy, their role in developing investments in various sectors, their contribution to generating job opportunities, developing competencies, stimulating innovation, technology, research, and development, the extent of family businesses’ ability to grow compared to other companies, their flexibility in dealing with developments and changes, and their ability to build and rehabilitate. A new generation empowered to develop the economy. The attendees also were briefed on the challenges that family businesses may face and how to address them.

At the conclusion of the legal seminar, a study model and practical program on family business and how to manage it and address the challenges it may face were explained. The floor was also opened for discussion and answers to participants’ inquiries.

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