UAE launches $81.7 million fund to support entrepreneurs

The Cabinet also announced $1.9 million reward for government employees.

The UAE Cabinet has approved the creation of the Emirates Entrepreneurship Council, alongside an impressive allocation of AED 300 million ($81.7 million) to empower and inspire young individuals to venture into entrepreneurship. Led by Alia Al Mazrouei, the council aims to foster innovation and expand opportunities for aspiring entrepreneurs, paving the way for a thriving entrepreneurial ecosystem.

This significant announcement was made by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, through his official X account. The Cabinet meeting, chaired by Sheikh Mohammed, took place at Qasr Al Watan in Abu Dhabi. Highlighting the nation’s abundant resources, Sheikh Mohammed emphasized that the UAE’s prosperity benefits everyone, both locally and globally. He encouraged the youth to harness the country’s dynamic economic landscape, pursue excellence, and seize the growing opportunities before them. He expressed his vision of young individuals taking the lead in propelling the nation toward greater horizons.

Introducing a New Award for Federal Employees

In a further move to drive innovation and efficiency, the Cabinet unveiled a new award for federal government employees, valued at AED 7 million ($1.9 million). The initiative, centered on achieving “Zero Government Bureaucracy,” aims to recognize and reward work teams, individuals, and federal entities that develop innovative projects to streamline government processes, conserve financial resources, and reduce regulatory burdens for businesses and individuals.

Sheikh Mohammed elaborated, “This award will honor those who simplify procedures, enhance service delivery, and save valuable time and effort for citizens interacting with government services. We aim to celebrate innovators and dedicated professionals who contribute tirelessly to improving the nation’s competitiveness and serving the public.”

Strengthening Education and Human Resources Governance

The Cabinet also endorsed a governance framework for the Education and Human Resources and Community Development Council. Chaired by Sheikh Abdullah bin Zayed, Minister of Foreign Affairs, and supported by Sheikha Mariam bint Mohamed bin Zayed as Deputy Chair, the council will focus on vital sectors such as higher education, private education, and social development. This framework involves seven ministerial members and various specialized committees to address critical areas of national development.

Sheikh Mohammed expressed optimism about the council’s efforts, stating, “We wish them success in managing this transformative national agenda. The UAE’s families and children deserve the very best, and we are confident in the council’s ability to deliver on this promise.”

A Vision for 2024 and Beyond

Sheikh Mohammed described 2024 as a year of growth, stability, and prosperity, with the UAE achieving exceptional milestones in global competitiveness. The country ranked first globally in 223 development indicators and placed in the top five across 444 indices, reflecting its remarkable achievements in areas such as business, economy, infrastructure, digital transformation, talent mobility, foreign investment, and tourism.

“2024 will be a year of unparalleled progress, driven by the best efforts of a dedicated national team,” Sheikh Mohammed declared. He also looked forward to 2025 as a year of continued strength and achievement, underscoring the UAE’s resilience and forward momentum.

Preserving the UAE’s Architectural Heritage

As part of its commitment to preserving the nation’s identity, the Cabinet approved a national policy to safeguard the UAE’s modern architectural heritage. The initiative aims to protect the cultural, national, and historical significance of urban structures that define the country’s architectural landscape. Currently, 130 sites have been identified, with plans to expand this number to 1,000 in the coming years.

These iconic urban landmarks serve as a testament to the UAE’s rich history and cultural identity, ensuring that future generations can appreciate and learn from this invaluable heritage.

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