The aim is to motivate young people to use the vast business prospects the nation has to offer.
Government employees from the United Arab Emirates will now be able to take up to a year off to start their businesses, get announced on Thursday. The change is wilful to promote entrepreneurship in the nation (July 7).
Employees of the government who take advantage of the leave chance will still have their employment and get half their pay.
New policies public shared after a cabinet meeting with Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai and vice president and prime minister of the United Arab Emirates, in Abu Dhabi.
The sheikh said that young people should take advantage of the wealth of economic prospects offered by our nation’s economy.
We must go into detail on this subject to comprehend the goals of the UAE government allowing paid time off for workers to launch a business.
The Purpose Of The UAE Government Granting Paid Leave To Employees To Start A Business
Sheikh Mohammed has a unique perspective. The founder and CEO of the Futurist Company, Alanoud Alhashmi, quoted “He is aware of the need of motivating the people to pursue their goals”.
Thanks to the country’s environment, they have become unicorns.
The goal of the strategy is to encourage creativity across the nation by providing government employees a year to launch their firms without worrying about lost income.
The UAE is a major FinTech hub in the Middle East and North Africa.
In the existence of well-established banking industries in the two largest cities of the nation, Dubai and Abu Dhabi, as well as a developing start-up environment.
Results Of The Covid-19 Recovery Plan
As per the vice president of the UAE, the Cabinet examined the nation’s economic outcomes in comparison to pre-pandemic levels. And the outcome shows that non-oil exports grew by 47%, foreign investments increased by 16%, and the number of new enterprises increased by 126%.
2.4 billion Dh In Housing Loans
Additionally, the Cabinet authorized Dh2.4 billion in home loans for individuals for the upcoming six months. The action is a result of new lending loan regulations. Three thousand beneficiaries are the desired outcome for this year.
The Tax And Financial System
Further, the Cabinet gave its approval for changing the Federal act on Tax Procedures.
Which will use the model to work with corporation tax law.
“For the forthcoming six months, we approved home loans for people totalling Dhs2.4 billion, with 500 beneficiaries.
Within Zayed Housing Programme, we intend to finish 13,000 homes in the upcoming year. Sheikh Mohammed continued,” We will continue to assist citizens.
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The UAE will now offer citizens working in government paid leave in a bid to encourage more citizens to start their businesses.
Those who take advantage of the program and are government employees with UAE citizenship will receive half of their annual wage.