UAE launches fund to support entrepreneurs
The UAE Cabinet has approved the establishment of the Emirates Entrepreneurship Council and allocated $81.7 million to support youth entrepreneurship initiatives. The council will focus on cultivating innovation and empowering budding entrepreneurs and will be chaired by Alia Al Mazrouei.
UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum said the country is rich in resources and its prosperity benefits everyone. His call to young people to capitalise on the opportunities offered by the UAE’s dynamic economic landscape and to strive for excellence and achieve new horizons was made during a cabinet meeting.
One of the news announced at the meeting was the creation of a $1.9 million prize for federal government employees, which will be aimed at achieving ‘zero government bureaucracy’. Sheikh Mohammed emphasised that the initiative is aimed at marking those who facilitate transactions, simplify procedures and save time for citizens interacting with government services.
The cabinet also approved the governance structure of the Education, Human Resources and Community Development Council, which will be chaired by Foreign Minister Sheikh Abdullah bin Zayed. The council comprises seven ministers and several committees that will deal with higher education, private education and the social sector.
Sheikh Mohammed also noted that the UAE has achieved excellent results under the Competitiveness 2024 programme. The country ranked first in the world in many global development indicators and ranked in the top five in many other key areas such as the economy, infrastructure and foreign investment.
Finally, the cabinet approved a national policy to preserve the UAE’s modern architectural heritage. According to the policy, strategies will be developed to preserve the cultural and historical significance of urban structures and buildings. Currently, 130 sites have been approved, with plans to increase the number to 1,000. The aim is to preserve the national heritage for future generations.
In conclusion, Sheikh Mohammed expressed optimism about the UAE’s future, noting its economic growth, attracting international talent and investment. He expressed confidence that the country will return in 2025 stronger and more successful.
Source: Economy Middle East
