There are many hundreds of thousands of Emiratis due to enter the job market over the next 10 years, and they will be looking for productive and satisfying jobs that can offer them careers and prosperity. Government jobs cannot meet the future demand, and large companies are not where the necessary number of new jobs will come from.
Therefore, it is vital to support the small and medium sized businesses in the country, and this is the importance of the recent legislation to support small businesses.
A new law has just made it easier for Emirati entrepreneurs by giving them access to credit and finance facilities, marketing support and reduced licence fees, as well as supporting the training and building of business experience that the country needs.
None of this substitutes the essential business skills, like spotting a growing market and supplying it without making a loss. But the new law offers a wide range of support, which is very valuable to all sorts of small and medium enterprises (SMEs), particularly in their vulnerable first years.
The UAE has a wealth of talent in its population, and a thriving middle class culture, which is where many of the new business will start. But its economy is still dominated by very large government-owned companies and family-owned conglomerates. This structure makes it hard for the new entrepreneur to compete with the established companies, which is why the law is so welcome.
