The government of the United Arab Emirates has informed several of the country’s most powerful business families that it intends to end their monopoly on the sale of imported goods, according to the Financial Times.
The government did not immediately react to Reuters’ requests for comment, but a Ministry of Economy statement carried by state news outlet WAM said a draught law on commercial agencies was still in the legislative process and that ‘it is still too early to offer details.’
The document was forwarded to the Federal National Council for debate and possible revisions, according to the cabinet.
According to the Financial Times, the proposed legislation would stop the existing commercial agency agreements in the Gulf state from automatically renewing, which will allow foreign companies to distribute their own goods or change their local agents.
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