United Arab Emirates unveils new law in wider push for job creation

ABU DHABI: The United Arab Emirates 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 says he expects the law will go into effect within the next three months after Cabinet gives its approval.

Al Mansouri said today the law is aimed at encouraging job creation by helping Emiratis 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 material and equipment.

The new law allocates 10 percent of the capital of the UAE's development bank toward funding the scheme.