Dubai: The United Arab Emirates government has told several of its greatest business families who plan to eliminate their monopoly on the sale of imported goods, financial time reported on Sunday.
The government did not immediately respond to Reuters requests for comment but the state news agency WAM quoted a statement of the Ministry of Economy which said the draft law on commercial agents was still in its legislative cycle and “it was too early to provide details”.
The cabinet referred to a draft to the Federal National Council for discussion and maybe more amendments, he added.
The FT report said the proposed law would end the automatic update from the commercial agency agreement in the Gulf State, giving foreign companies the opportunity to distribute their own items or change their local agents.
“No longer makes sense for individual families to have preferential strength and access to Easy Wealth,” said the report with the word emirati official.
“We must modernize our economy.” The proposed law must be approved by Emirati leadership and time to remain uncertain, added the report.
For the past year UAE, an economic rival growing from Saudi Arabia has taken steps to make its economy more attractive for foreign investors and talents.
Earlier this year, UAE said foreigners who opened the company would no longer need Emirati shareholders or agents, after which made changes to the company’s law.