Family Ownership Management as Per the UAE Civil Transaction Law & Dubai Law No. 9 of 2020

Authors

  • Essa Muhammad Ali Fakhraa
  • Prof. Dr. Salih Ahmed Al-Lahibi

Abstract

Family ownership is a special form of common property, in which owners are relatives who belong to one family. The United Arab Emirates Legislator, for example, has regulated common ownership in Articles (1183 – 1188) of the UAE Civil Transaction Law. Management of family ownership is a main aspect that aims to protect the property, and meanwhile, to suitably exploit its funds. In other words, all necessary actions shall be taken to achieve the required benefits. Accordingly, Management rules of common property except the ones stipulated in the UAE Civil Transactions Law, Article No. 1186, Para. 1 & 2 are fully applied on family ownership. Preservation work, being another element of management, has also been organized with the rules that govern the total expenses. The current study aims to investigate the procedures required for organizing and administering family ownership within a comprehensive legal frame. We are obliged to note that the study has come up with a number of conclusions, comprising the one, which confirms that the general rule controlling the common funds, including that of a family, is a consensus procedure or guideline. As a matter of fact, the UAE Civil Transactions Law has permitted partners to appoint a manager or even more to administer the family ownership. As for the recommendations, there is an urgent need to legally regulate the family ownership in an independent Federal Law, similar to that of Dubai. The latter, in fact, is of great importance, especially in the field of family businesses and real estate. We have also recommended that the “Single Family” term shall be changed so as to refer to all family members, in addition to those who are connected to the family through business or any type of interest.

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Published

2023-03-10

How to Cite

Essa Muhammad Ali Fakhraa, & Prof. Dr. Salih Ahmed Al-Lahibi. (2023). Family Ownership Management as Per the UAE Civil Transaction Law & Dubai Law No. 9 of 2020. RES MILITARIS, 13(2), 5483–5502. Retrieved from https://resmilitaris.net/index.php/resmilitaris/article/view/3153