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UAE announces year-long leave for government employees to start businesses
Aim is to encourage youths to take advantage of the huge commercial opportunities offered by the country
UAE citizens working in the government sector can take up to a year’s leave to start their own business ventures, it was announced on Thursday. Emiratis will get half their salaries during this period, while retaining their government jobs. The aim is to encourage more citizens to start their entrepreneurial journeys.
This came as His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, chaired a Cabinet meeting on Thursday.
“Our goal is to encourage the youth to take advantage of the huge commercial opportunities offered by our national economy,” Sheikh Mohammed tweeted.
The year-long sabbatical is among the paid leaves that will be offered to Emiratis working in the government sector. It will be granted to citizens wishing to start or manage their businesses in the private sector. The leave will be approved by the head of the federal authority the employee works for.
The UAE Vice-President said the Cabinet reviewed the country’s economic results as compared to pre-pandemic levels. He said the country saw a 47 per cent growth in non-oil exports; 16 per cent increase in foreign investments; and a 126 per cent rise in the number of new companies.
Housing loans worth Dh2.4 billion
The Cabinet also approved housing loans for citizens worth Dh2.4 billion for the next six months. The move comes as a part of new hosing loan policy. The target of the current year is 3,000 beneficiaries.
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