The UAE News report: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Thursday, announced that Emiratis working in the public sector can now take up to one year’s leave to start their own businesses, with a chance to retain their jobs.
Emirati entrepreneurs who avail the one-year leave to set up their own business will be paid half their salaries, enabling them to retain their jobs.
The announcement was made by His Highness Sheikh Mohammed as he chaired a Cabinet meeting at Qasr Al Watan in Abu Dhabi today.
“Our goal is to encourage the youth to take advantage of the huge commercial opportunities offered by our national economy,” Sheikh Mohammed tweeted.
Housing Loans
The Vice-President also announced approving housing loans worth Dh2.4 billion over the next six months for Emiratis and 500 beneficiaries will benefit from the housing loans on a monthly basis.
“Our aim is to complete 13,000 houses as part of the Sheikh Zayed Housing Programme over the next years, and we will continue to support our citizens,” Sheikh Mohammed said.
The meeting also touched on the country’s economic results compared to the pre-COVID-19 pandemic period, showing a 47 per cent growth in non-oil exports, 16 per cent increase in foreign direct investment (FDI) and 125 per cent growth in the number of new companies registered in the country.
“Our economy is fine and growing as our march of development is on the rise, thank God,” the Vice-President said.
Agreements on the performance of ministers were also signed during the Cabinet meeting. For completion of 36 transformational projects, a time-limit of six to 12 months was fixed. The move aims to enable the government to respond swiftly and with greater flexibility to changes.
Cultural and Creative industries
The Cabinet also approved the statistical framework for cultural and creative industries and directed all parties concerned to follow up on its implementation and development. According to the latest figures, the contribution of cultural and creative industries to the UAE’s gross domestic product was 3.5 per cent, equivalent to Dh54.4 billion, which constitutes 5 per cent of the country’s non-oil GDP, while the number of small and medium industries covered by this sector is more than 36,000.
Corporate Tax law
The Cabinet approved several amendments to tax laws in conjunction with the introduction of the Corporate Tax (CT) law, ease of doing business and strengthening the UAE’s position in various global competitiveness indicators. The move aims to raise the efficiency of the financial and tax system.
