United Arab Emirates (UAE) Ministry of Economy (MoE) has reduced the age limit from 21 years to 18 years for starting a business with a new legislation, the Commercial Transactions Law, aimed at promoting business culture.
Speaking at a presser, the Undersecretary of the MoE, Abdullah Al Saleh, briefed the media regarding the new law that will make it easier for the youth to join the business at an early age.
Not only that, but the law also supports Islamic banking by making it one of the main factors behind economic growth. The Ministry also revised the provisions about regulation and creation of financial markets in the new law, as it made it mandatory to get licenses.
Resultantly, recent legislation will encourage investment activities in the technological and commercial sectors in the Emirates.
Ibrahim Al Zaabi, Assistant Governor of the Emirates Central Bank for Monetary Policy and Financial Stability, and Dr. Maryam Al Suwaidi, CEO of the Securities and Commodities Authority, also attended the key media briefing.
