In a move to encourage entrepreneurialism in the country, government-employed citizens of the United Arab Emirates will now be able to take up to a year’s leave to start their own business ventures, the government announced on Thursday (July 7).
Government employees that take the leave opportunity will retain their jobs and still receive half their salaries.
Sheikh Mohammed bin Rashid Al Maktoum, the vice president and prime minister of the UAE and ruler of Dubai, announced the new plans after chairing a cabinet meeting in Abu Dhabi on Thursday.
“Our goal is to encourage the youth to take advantage of the huge commercial opportunities offered by our national economy,” the sheikh tweeted, according to The Khaleej Times, which translated the tweet.
Our goal is to encourage the youth to take advantage of the huge commercial opportunities offered by our national economy: @HHShkMohd #UAE citizens working in the government sector can take up to a year’s leave to start their own business ventures. pic.twitter.com/chWuGvxxce
— Khaleej Times (@khaleejtimes) July 7, 2022
“His Highness Sheikh Mohammed is a visionary. He understands how important it is to support the country’s citizens to achieve their dreams,” Alanoud Alhashmi, the founder and CEO of the Futurist Company, said, as reported in the Khaleej Times. “Look at Talabat and Souq.com. They have become unicorns in the country thanks to its business-friendly environment.”
By giving government employees a year to work on launching their businesses without having to worry about lost income, it is hoped the move will spur innovation in the country.
In the Middle East and North Africa, the UAE is a key FinTech hub thanks to the presence of established banking sectors in the country’s two biggest cities, Dubai and Abu Dhabi, as well as a burgeoning startup scene.
Read more: The UAE’s Increasing Role as a Regional FinTech Hub
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