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UAE allows families to retain bigger Share of Public Listings

The UAE President has approved a law allowing families to own as much as 70 percent of their companies where they sell shares in initial public offerings.

Before, families selling shares in IPOs had to sell at least 55 percent of their stock.

State-controlled Emirates News Agency reported the change to the UAE Commercial Companies Law.

The UAE government wants to encourage family owned businesses to list their shares on the country's exchanges, which are dominated by banking and real estate firms.

Some of the UAE's largest unlisted businesses, such as Dubai's Al-Futtaim Group, are family owned. - Reuters

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