Abu Dhabi: Sultan Bin Saeed Al Mansouri, 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.
He called the resolution 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.
In a statement released on Saturday, he said these important step complements legislative measures and institutional systems supporting the growth of this vital sector, which is recognised 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.
Work environment
The law cites a wide range of incentives designed to build a favourable 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 prioritise local inventors and patent owners who can apply for financial support to complete their research and development works.
The Minister 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.
