The United Arab Emirates have notified several of their largest family businesses planning to eliminate their monopoly on the sale of imported goods, financial time reported.
The government has proposed a law that ends the automatic extension of the agreement of a commercial bodies, newspapers report. This will enable foreign companies to distribute their own goods or change their local agents to expiration of contracts, FT said.
The law is expected to be approved by Emirati leadership, FT reported, citing unknown officials. The time remains uncertain and FT said the UAE government did not comment on the story.
Family-owned business is the majority of commercial activities in the Gulf country, have a supermarket chain franchise to a car dealer. Some famous family businesses in Dubai, part of the UAE, including Majid Al Futtaim Holding, Carrefour shop operator in the Middle East, and the Al Habtoor group, which has a hotel, property and accommodating car dealers.