The UAE Cabinet has approved the formation of the Emirates Entrepreneurship Council and allocated a Dh300 million fund to support youth projects, encouraging and motivating young people to venture into the field of entrepreneurship. This was announced by Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai, during the last Cabinet meeting of the year at Abu Dhabi’s Qasr Al Watan. The announced Council will be chaired by Minister of State for Entrepreneurship Alia Al Mazrouei, and aims to foster innovation and enhance opportunities for the next generation of entrepreneurs.
During the Cabinet meeting, Sheikh Mohammed bin Rashid described 2024 as a year “of unprecedented economic growth”. He stressed how the UAE continues to strengthen its global competitiveness, experiences accelerated growth and attracts the “best global expertise and wealth”.
“Our nation is blessed with abundant resources, and its prosperity benefits all, near and far. The dynamic economic movement provides immense opportunities, and we want our youth to harness this momentum, master the principles of excellence, and seize the great prospects it offers. We aspire for them to lead this movement to even greater and broader horizons,” Sheikh Mohammed said.
The Cabinet also approved the launch of a new award for federal government employees, worth Dh7 million, focused on achieving ‘Zero Government Bureaucracy’. This initiative aims to honour and celebrate those who facilitate transactions, simplify procedures, and reduce the steps involved, ultimately saving people time and effort in their government interactions.
“We will commend and celebrate innovators and hardworking individuals who dedicate themselves tirelessly to providing resources, serving the public, and enhancing the country’s competitiveness.”, as shared by Sheikh Mohammed.
Details on the Emirates Entrepreneurship Council are yet to be announced, including the details of the fund under the initiative. DMX closely monitors the availability of funding opportunities in the EMEA region, so keep an eye on our page to stay informed.
