By: Amr Adel and Ramy Sameeh
Abu Dhabi – Mubasher: The issued executive regulations of the law on small- and medium-sized enterprises (SMEs) will support the business environment in the UAE, according to experts and officials.
The regulations will raising contributions of SMEs to non-oil sector to 70% by 2021.
Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, issued on 28 October the executive regulations of Federal Law No. 2 for 2014 on SMEs.This important step complements legislative measures and institutional systems supporting the growth of this vital sector.
President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued Federal Law No. 2 of 2014, for the Small and Medium Enterprises (SMEs) sector, in order to regulate the relationship between all government institutions and entrepreneurs of small and medium enterprises sector - a key component of any successful knowledge-based economy.
The legislative measures and institutional systems support the growth of this vital sector, experts added.
The executive regulations set the mechanisms to allow entrepreneurs benefit from facilities and provided by law, Al Mansoori said, adding that the law cites a wide range of incentives designed to create an encouraging business environment for them.
The SMEs sector is a key to economic diversification policy in UAE and is recognised among the government’s top priorities, according to AbdulAziz Al Ghurair, Chairman of the UAE Banks Federation and CEO of Mashreq Bank.
Translated by: Julian Nabil
