Entrepreneurship leave for self employment

The scheme will motivate UAE national level employees to set up their own companies for employment generation, growth & sustainability
Representational Image
Representational ImageFile/ GK

United Arab Emirates UAE has announced year 2021, as the ‘Year of the 50th’. Starting from April 2021 till March 2022, the country will celebrate its achievements over the last 50 years and begin preparations for the next 50 years to come. 

The UAE took mega initiatives titled “Projects of the 50” which is a series of developmental and economic initiatives. The projects aim to accelerate the country’s development, transform it into a comprehensive hub in all sectors and establish the status of an ideal destination for talents and investors.

“Projects of the 50” cover several sectors such as economy, entrepreneurship, advanced skills, digital economy, space and advanced technologies. From Jan 2023, under the project, the national level employees of federal government in the UAE are eligible for one-year paid leave in order to set up their own business.

According to Arabian Business news, the scheme will motivate UAE national level employees to set up their own companies for employment generation, growth & sustainability. As per reports the applicant employee selected under this scheme will get half their salary during the period of project establishment.

It will be in coordination with the ministry of Economy & Human Resources, the Federal Authority Government HR division prepared details of economic projects and establishments that contribute to the revitalization of the country’s economy. Besides, these details would help the authorities while considering the requests for leave of their employees for the said purpose.

Come back to India, one of my colleagues posted at Azadpur New Delhi told me that banking Credit Card concept was there in the year 1991 introduced by a foreign bank.

After a gap of more than twenty five years the concept of credit card is gearing up herein J&K which evidently reflects the very slow speed of accepting the innovative ideas, besides addressing other issues of a particular product as well.

With the introduction of National Education Policy 2020, approved by the Union Cabinet, we have  lot of expectations to make sweeping reforms in education & research.

The policy aims to create new possibilities for lifelong learning and make it industry oriented with emphasis on entrepreneurship. Its extensive broad view objective is a welcome step towards the overall future development of our children.

The NEP 2020 aspires to make young generation more innovative, proactive, pioneering behavior and prospect oriented to choose career of their choice skills.

In view of holistic approach, NEP 2020 enables flexible curriculum structure, rigorous research based specialization and opportunities for multi disciplinary work hence impetus to entrepreneurship, start ups & self employment. The NEP 2020 also focuses on technical education for overall growth & development of youth & their positive contribution for the country.

The importance of industry, entrepreneurship and start ups for generating employment, productivity & economy is evident to explore the ideas in letter & spirit with timely appropriate advance and investments.

As the country is all set to achieve the target of USD 5 trillion economy by 2024-25, it will surpass by the mission “local for vocal”, “Industry & Entrepreneurship” and “Start ups & SMEs”.

Further, UAE government announced that it will undertake comprehensive economic partnership agreements with global market to achieve AED 40 billion annual increases should be taken into positive note at our level.

The UAE’s global economic partnership strategy aims to double the size of its national economy; it is appreciable in view of our better ties with UAE & other gulf countries.

In view of above the present technological innovation mission, eradication of unemployment problem and nation building & development will be achieved by inclusiveness approach.

Involving youth, students & businessmen in the mission of entrepreneurship & innovative ideas, the authorities may look to consider their work force employees as well for good results.

To involve regular employees, the initiative shall be implemented by introduction of policy with or without pay & emoluments depending upon the project and decision making body. It will be productive to involve employees in national building programs as firsthand experience because of high scope & better outcome.

It will be in the interests of the situation when an employee working in a stressful environment get an opportunity to serve the nation as an entrepreneur, start up or an industrialist will definitely boost its morale to work hard for economic development & employment generation.

Employees are the most valuable asset for any government so it is easy to have an active entrepreneur when you have ample opportunities like work from home and on-line infrastructure facilities.

Disclaimer: The views and opinions expressed in this article are the personal opinions of the author.

The facts, analysis, assumptions and perspective appearing in the article do not reflect the views of GK.

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