UAE announces one-year leave for government employees to set up businesses – News

The aim is to encourage young people to take advantage of the huge business opportunities offered by the country



Published: Thu 7 Jul 2022, 05:03 PM

Last update: Thu 7 Jul 2022, 10:08 PM

UAE citizens working in the government sector can take up to a year off to start their own businesses, it was announced on Thursday. Emiratis will receive half their salary during this period, while retaining their government jobs. The objective is to encourage more citizens to embark on the entrepreneurial adventure.

This came as His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, chaired a Cabinet meeting on Thursday.

“Our goal is to encourage young people to take advantage of the huge business opportunities offered by our national economy,” Sheikh Mohammed tweeted.

The one-year sabbatical is part of the paid leave that will be offered to Emiratis working in the government sector. It will be granted to citizens wishing to create or manage their business in the private sector. The leave will be approved by the head of the federal authority for which the employee works.

The UAE vice president said the Cabinet had reviewed the country’s economic performance compared to pre-pandemic levels. He said the country had recorded a 47% growth in non-oil exports; 16 percent increase in foreign investment; and a 126% increase in the number of new businesses.

Home loans worth 2.4 billion dirhams

The Cabinet also approved housing loans for citizens worth Dh2.4 billion for the next six months. This decision is part of a new watering loan policy. The objective for the current year is 3,000 beneficiaries.

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