Federal law no. (10) for 2007,

 pertaining to amending some provisions of Federal Law No. (8) for 1984 on commercial companies

We, Khalifa Bin Zayed Al Nahyan, President of the United Arab Emirates,

Having considered the Constitution,

Federal Law No. (1) of 1972 concerning the Competences of the Ministries and the Powers of the Ministers, and the laws in amendment thereof,

Federal Law No. (8) of 1984 on Commercial Companies and the laws in amendment thereof,

Federal Law No. (9) of 1984 on Insurance Companies and Agents and the laws in amendment thereof,

Federal Law No. (4) of 2000 on UAE Securities and Commodities Authority & Market and the laws in amendment thereof,

On the basis of the proposal made by the Minister of Economy, the approval of the Council of Ministers and the sanction of the Supreme Federal Council,

Have promulgated the following law:

Article I

A new article shall be added to the existing article no. (273) of the law no. (8) for 1984, which reads as follows:

Article (273) repeated:

1) Local family business: is a company fully owned by natural persons descending from one family related by consanguinity extending up to fourth generation or wholly owned by legal persons who are members of one family related on the level of the local family business, regardless of the nature of the company .

2) By exception to provisions of articles (78) and (273), local family-owned businesses that convert into public companies may retain a maximum stake of (70%) percent and list a minimum stake of (30%) percent for the initial public offering.

Article II

The law shall be published in the official gazette and shall come into effect on the date of its publication.

Khalifa Bin Zayed Al Nahyan

President of the United Arab Emirates

Issued by us at the Presidential Palace, Abu Dhabi

On 6 Shabaan 1428 AH.

19 August 2007 AD