The new law aims to encourage innovation, research and shift towards the knowledge economy, as well as strengthening the state’s competitiveness in business at the regional and international levels.
It also issues a mandatory resolution to represent women in the state owned companies and agencies’ Board of Directors.
The resolutions were approved in the Council of Ministers’ meeting chaired by the UAE Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum. H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs were also present.
Sheikh Mohammed said the support of youth small and medium enterprises nationwide “aims at creating new generation of entrepreneurs to further boost and diversify the national economy. Our wishes for Emirati youth are enormous. We always tell them do not get scared about small beginnings but have big dreams.” He pledged that the federal government will provide support to make the small and medium enterprises successful. “Small enterprises will grow and today’s youth are leaders of private sector tomorrow.” Commenting on the resolution for representation of woman in the Board of Directors of the state owned agencies and companies, the Vice President said the existence of women in the Board of Directors would give these bodies some balance as women work in them. “Emirati women have proven their capacities in different work places. And today we motivate them to be in the decision making positions,” he added.
The SME law calls for establishing a board for small and medium enterprises under the chairmanship of Minister of Economy and representatives of competent authorities as members.
The Cabinet also endorsed the final financial account report of the General Pensions and Social Security Authority for year 2011.
It also approved the extradition agreements between the UAE and India, and the UAE and Pakistan. The two agreements will facilitate the transfer of convicts from these countries to spend the sentence or remainder of the jail term in their home countries with arrangement of transport procedures.
The Council of Ministers endorsed the air transport agreements between: the UAE with Latvia, UAE with Ukraine, UAE with the UK, and UAE with North Ireland. These agreements aim to regulate the aviation services among the parties through regular cargo and passenger flights.
It also endorsed the agreement to set up a joint cooperation committee between the UAE and Mauritania.