Emirati federal govt employees can receive paid leave to start a business
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Emirati federal govt employees can receive paid leave to start a business

Emirati federal govt employees can receive paid leave to start a business

The cabinet also approved housing loans for citizens worth Dhs2.4bn for the next six months, with 500 beneficiaries per month

Divsha Bhat
UAE Cabinet

The UAE Cabinet has approved the rules and regulations for granting Emirati federal government employees a “sabbatical leave,” where the employee may be given an exceptional leave to start or manage any private projects he owns. However, the leave’s primary objective should be to launch an economic project in the private sector, oversee an ongoing project, or participate with others.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, chaired the cabinet meeting, which was held at Qasr Al Watan, Abu Dhabi.

Sheikh Mohammed said: “Today, the cabinet approved the rules of the sabbatical leave for citizens working in the government who wish to run their own business. The leave is for a full year with half of the salary while preserving the job. Our goal is to encourage our youth to take advantage of the huge economic opportunities offered by our national economy.”

The cabinet approved the UAE framework for culture and creative industries statistics, which will serve as the national database. The framework enhances country’s position in competitiveness reports, and provides comprehensive data at the federal level enabling the monitoring of the cultural and creative industries sector. It will also provide accurate data for talents, entrepreneurs, investors, and academic institutions in the sector. The employee should have the necessary approvals from the competent authorities.

Outcomes of the Covid-19 recovery plan
The cabinet meeting reviewed the outcomes of the Covid-19 recovery plan (2020-2021), which included developing and implementing 33 initiatives in partnership with federal and local entities.

The outcomes of the report showed that the real gross domestic product (GDP) was 3.8 per cent in 2021, exceeding the estimates of international institutions by 1.7 per cent, whereas the non-oil GDP reached 5.3 per cent in the same year.

Housing loans worth Dhs2.4bn
The Cabinet also approved housing loans for citizens worth Dhs2.4bn for the next six months with 500 beneficiaries per month. The move comes as a part of new Housing Loan Policy. The target of the current year is 3,000 housing loans beneficiaries.

Financial and tax system
Furthermore, the Cabinet approved the amendment of the Federal Decree on Tax Procedures with the aim of creating an approximation and coordination with corporate tax law.

“We approved housing loans for citizens worth Dhs2.4bn for the next six months with 500 beneficiaries per month. Our goal is to complete 13,000 houses within the Zayed Housing Programme in the coming year. We will continue supporting citizens,” added Sheikh Mohammed.

“Today, I witnessed the signing of performance agreements for a number of ministers. The agreements stipulate the completion of 36 transformational short cycles projects within six months to a maximum of 12 months. The projects aim at enabling ministries to respond to all changes quickly and with greater flexibility,” he added.

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