UAE unveiling new law to create jobs
Sunday, 13 April 2014
The United Arab Emirates (UAE) is finalising a new law to boost entrepreneurship with broad incentives as part of a wider push to create jobs for a burgeoning young population. UAE Finance Minister Sultan bin Saeed Al Mansouri said he expects the law will go into effect within the next three months after cabinet gives its approval. Al Mansouri said on Sunday the law is aimed at encouraging job creation by helping Emirates start small and medium-sized businesses. Incentives offered to citizens will include access to finance, contracts with state-owned companies, land grants for industrial and agricultural purposes, as well as exemptions on customs tax for raw materials and equipment. The new law allocates 10 per cent of the capital of the UAE's development bank toward funding the scheme, according to a news agency.