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Abu Dhabi / Emirates Business
HE Engineer Sultan bin Saeed Al Mansoori, Minister of Economy, said that a Cabinet resolution on the issuance of the executive regulations of the law on small- and medium-sized enterprises (SMEs) reflects the high interest of the country’s leadership in this vital sector.
The resolution is a major boost to national efforts providing Emirati SME owners with full support to ensure their success and sustain national entrepreneurship in all vital local economic sectors.
This important step complements legislative measures and institutional systems supporting the growth of this vital sector, which is recognized as among the government’s top priorities in line with UAE Vision 2021. One of the Vision’s national indicators includes raising the contributions of SMEs to non-oil sector to 70 per cent by 2021.
Al Mansoori pointed out that the set mechanisms ensure that all Emirati entrepreneurs enjoy the benefits enumerated by Federal Law No. 2 of 2014 on SMEs. The law cites a wide range of incentives designed to build a favorable and advantageous work environment for them. The regulations also aim to promote key incentives available to innovation-based enterprises and companies with dedicated research and development departments. Both are given priority in terms of access to facilities and other benefits provided by law. The regulations also prioritize local inventors and patent owners who can apply for financial support to complete their research and development works.
The mnister added that the mechanisms aim to launch innovation incubators and enhance SMEs’ competitiveness in line with the government’s initiatives to adopt an economy driven by knowledge, creativity and innovation. Additionally, the mechanisms seek to build a qualified local workforce according to the objectives of the national development agenda.