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UAE to boost job creation with new legislation

April 15, 2014 9:18 am

UAE finance minister, Sultan bin Saeed Al-Mansouri has said the government 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, the Associated Press has reported. The proposed legislation is expected to go into effect within the next three months after cabinet gives its approval, said the minister. The new law allocates 10% of the capital of the UAE’s development bank toward funding the scheme. Incentives offered to citizens will include access to finance and contracts with state-owned companies, said Al-Mansouri.