UAE plans to end monopoly on major business families

In the latest effort by UAE authorities to attract more foreign investment through competitive legal and social change, UAE plans to remove the biggest business families monopolies on the sale of imported goods as per reports

FT reports, the UAE government is looking to propose a law to stop the automatic renewal of existing business contracts, allowing foreign companies to distribute their products or change local agents at the end of the contract.

Family-owned businesses, from small businesses to joint ventures built by leading business groups for decades, generate 90 percent of the Gulf state's private sector, accounting for three-quarters of all employment.