ABU DHABI: The UAE is finalyzing a new law to boost entrepreneurship with broad incentives as part of a wider push to create jobs for a burgeoning young population.

UAE Finance Minister Sultan bin Saeed Al-Mansouri says he expects the law will go into effect within the next three months after Cabinet gives its approval.

Al-Mansouri said the law is aimed at encouraging job creation by helping Emiratis start small and medium-sized businesses.

The new law allocates 10 percent of the capital of the UAE’s development bank toward funding the scheme. Incentives offered to citizens will include access to finance and contracts with state-owned companies.