The Financial Times reported today, Sunday, that the UAE government has informed some of the country’s largest business families that it intends to abolish its monopoly on the sale of imported goods. The newspaper report indicated that the Gulf state has proposed legislation that would end the automatic renewal of existing trade agreements, giving foreign companies an opportunity to distribute their goods or change their local agents. The report quoted an Emirati official as saying, “It is no longer logical for certain families to have such power and preferential access to easy wealth. We have to modernize our economy.” The report added that the proposed law must be approved by the Emirati leadership, and the timing of this is uncertain. The UAE government did not respond to Reuters requests for comment. The UAE said earlier this year that foreigners who open companies will no longer need an Emirati shareholder or agent, after the state made amendments to the Companies Law.