SEC Moves to Regulate Family Bus Operations in the Emirate

Photo : Sharjah Govt Media Bureau

His Highness Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, the Crown Prince and Deputy Ruler of Sharjah, convened a meeting of the Executive Council on Tuesday morning at the Ruler’s office. The session was attended by His Highness Sheikh Abdullah bin Salem bin Sultan Al Qasimi, the Deputy Ruler of Sharjah and Vice Chairman of the Executive Council, alongside His Highness Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, also a Deputy Ruler and Vice Chairman of the Executive Council.

During the meeting, the council focused on reviewing the overarching policies that govern government operations in the Emirate of Sharjah. They discussed potential enhancements to these strategies, particularly in light of the significant advancements and comprehensive development that the emirate is experiencing across various sectors and social segments.

One of the key decisions made during this session was the regulation of family businesses within the emirate. This initiative aims to establish a structured legal framework for the organization and governance of family-run enterprises. By doing so, the council seeks to facilitate the seamless transition of these businesses across generations, ensure their sustainability, and enhance their contributions to the local economy. Additionally, the decision is designed to set up mechanisms for resolving disputes that may arise within family businesses.

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The new regulations will apply to family businesses formed within the emirate, existing companies owned by individual family members, and family enterprises established in free zones, provided these do not conflict with the specific regulations governing those areas. According to the decision, each family business must have an incorporation contract that aligns with the provisions of the Companies Law. The regulations also cover ownership structures within family businesses, the procedures for partners to dispose of shares, classifications of shares, family endowment businesses, and family charters. Furthermore, it outlines dispute resolution processes and the steps required for the dissolution and liquidation of companies, along with executive decisions related to enforcement and effectiveness.

The council also discussed various proposals and plans aimed at bolstering urban development in residential areas throughout Sharjah. These efforts are intended to promote social cohesion and strengthen family stability among citizens residing in the emirate.

In line with His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi’s commitment to the continuous development of Sharjah, the council reviewed a presentation highlighting the academic progress of government employees. His Highness has consistently encouraged citizens to pursue educational opportunities and take advantage of available scholarships. This initiative underscores the eagerness of employees to engage in further studies across a range of disciplines and academic levels, fostering a more educated workforce within the emirate.

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