A new law on small and medium enterprises (SMEs) that is underway in the UAE, is expected to simplify and streamline bank loans and help regulate this important segment of the UAE’s private sector, a senior government official said.
The new law will be issued by the end of this year as part of an ongoing economic reform aimed at attracting investment and ensuring sustainable growth by strengthening the non-oil sector and reduce the country’s dependence from the volatile oil prices, Mohammad Saleh Shelwah, Assistant Undersecretary for Economic Polices Affairs, told Gulf News.
He remarked that the law will strengthen competitiveness of the UAE economy and boost the SME sector.
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