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In the long run, new laws will give the economy a boost, say business chiefs
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The UAE has lowered the age to own a business from 21 to 18. Industry leaders lauded the landmark move that could boost entrepreneurship.
Under the new Business Transactions Act, the legal age for doing business has been lowered from 21 to 18.
“Furthermore, minors who have reached the age of 15, regardless of whether they are under supervision or guardianship, can transact on terms and conditions issued by a Cabinet resolution.”
The decision was announced by Deputy Minister of Economy (MoE) Abdullah Al Saleh at a media briefing recently.
Other key features of the law include “establishing a legal reference for commercial transactions by banking institutions to stimulate investment and provide businesses with wider room for growth and competition; to support the Islamic banking sector in the country and establish it as a growth one of the main drivers”.
The ministry noted that the new law marks an “important milestone” in the development of the country’s business environment.
Meanwhile, senior figures from various industries applauded the amendment, which will give the economy a boost in the long run.
Bharat Bhatia, Chairman and CEO of Conares, the UAE’s second-largest privately-owned steelmaker, noted: “This is a refreshing development, which means that fresh blood is being injected into the workforce and entrepreneurs. I believe this will have a positive impact. Disruption, making the market more efficient in several ways. In the near future, we will see many successful global teenage entrepreneurs,” Bhatia emphasized.
Imran Farooq, chief executive of Samana Developers, said the Ministry of Education gave young people the freedom to explore new horizons.
“Young people are best equipped to think differently, innovate and be actively involved in business. The Ministry’s decision will give birth to many young entrepreneurs who will thrive in different fields. Today’s young people have the will and the right intent and confidently rise to any challenge. I look forward to seeing young people enter the real estate industry and make a positive impact,” Farooq said.
Abdul Jebbar PB, Managing Director, Hotpack Global from the food packaging industry highlighted: “The new law’s revision of the age limit for operating a business and its emphasis on the technology sector demonstrates the UAE’s commitment to fostering a diverse and innovative economy. We will be patiently waiting to witness the new generation Emerging young entrepreneurs and the cutting-edge ideas they bring.”
Ali Shabdar, MEA regional director at tech firm Zoho Corp, said young people will bring fresh and exciting perspectives to the market, leading to new innovations.
“This initiative will provide a platform for younger generations to start a business in one of the most diverse and business-friendly countries in the world and gain early experience competing on the global stage.”
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