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Citizens employed by the United Arab Emirates government can now take a year off to start their own businesses in a bid to encourage entrepreneurship in the country, the government announced on Thursday (July 7).
Government employees on furlough will keep their jobs but will still receive half their pay.
Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, announced the new plans on Thursday after chairing a cabinet meeting in Abu Dhabi.
“Our goal is to encourage young people to take advantage of the huge business opportunities our country’s economy offers,” the sheikh tweeted, according to the Khalij Times, which translated the tweet.
Our aim is to encourage young people to take advantage of the enormous business opportunities our national economy offers: @HHShkMohd #UAE Citizens working in the government sector can take up to a year off to start their own businesses. pic.twitter.com/chWuGvxxce
– Khaleej Times (lekhaleejtimes) July 7, 2022
“His Royal Highness Sheikh Mohammed was a visionary. He understood the importance of supporting the citizens of this country to realize their dreams,” Alarud Al HashmiFounder and CEO Futuristic company, as reported by Khaleej Times. “Look at Talabat and Souq.com. They have become unicorns in the country due to their business-friendly environment.”
By giving government employees a year to do business without fear of lost revenue, the hope is that the move will spur innovation in the country.
In the Middle East and North Africa, the UAE is an important fintech hub, thanks to a mature banking sector and a thriving startup scene in the country’s two largest cities, Dubai and Abu Dhabi.
read more: UAE’s growing role as regional fintech hub
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