RIYADH: The UAE government announced its intention to remove some of its biggest family monopolies on the sale of imported goods as economic reforms intensifies, the Financial Times reported.
The Gulf state has put forward legislation ending the automatic renewal of existing commercial agency agreements, making room for foreign firms to distribute their goods or change their local agents.
The proposed law is pending approval from Emirati leadership, with undetermined timing.
As the UAE seeks to open up competition and attract more investment, it will bring well-established social contracts with big merchant families such as Al Futtaim, Al Rostamani and Juma Al Majid to an end.
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