Chief Executive Officer of the publicly traded Mashreq Bank, Abdul Aziz Al Ghurair. (Wikimedia commons)
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One of the United Arab Emirates' most prominent businessmen is leading calls for regulations across the Gulf Arab region to smooth the transfer of ownership of family businesses after the death of the founder.Abdulaziz al-Ghurair, considered the most prominent member of one of the largest merchant families in the Gulf, is calling for new rules to govern a process that can currently get bogged down if families are in disagreement.A draft law will be submitted to Gulf policymakers this year that will include rules governing concepts such as Islamic family trusts and family ownership, Ghurair said at a meeting of the Family Business Network, an association representing Gulf family businesses.
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