14 Hrs
Source:
الراي
Companies Law Reform Due
The Ministry of Commerce and Industry is considering a comprehensive amendment to the Companies Law covering incorporation, the nature of business activities, mergers, divisions, general assemblies and penalties. The amendment would also clarify the Ministry’s role in ownership disputes among shareholders, particularly in family-owned companies. The update is linked to Commercial Concealment Law No. 78 of 2026. The proposed direction is to reserve at least 51% of ownership in local companies for citizens, while limiting foreign entities—including Gulf-based entities—to a maximum stake of 49%. The Ministry is also working to strengthen disclosure requirements, verify records of beneficial owners, partners and shareholders, and ensure those records are kept up to date.
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