New visa reforms boost UAE economy
ABU DHABI: The UAE is led by a vision to build a knowledge-based economy and this is affirmed by a slew of measures it has undertaken to facilitate entrepreneurs in the country as well as foreign investors. The series of visa reforms initiated by the government will enhance the UAE's attractiveness among expats, encouraging knowledge workers to pursue longer stints in the country. The presence of rich expat talent will persuade foreign companies to enter and operate from the UAE.
Typing centres in Dubai are seeing an unusual rush for investors applying for five- and 10-year visas. "We have lot of enquiries for five- and 10-year visas, which are being issued from immigration and land departments only. Investors are showing more confidence and they are willing to invest more in the UAE, which will assure surge in the cash flow," Firose Khan, manager of Arabian Business Centre, said.
The UAE government has opened up visas to welcome foreign investments and boost trade ties as it serves the Mena region as the gateway for the same. The Federal Authority for Identity and Citizenship issued the first Golden Residence Permit in Abu Dhabi, as part of the Investors Permanent Residence System implemented under a UAE Cabinet resolution, which aims to help investors, entrepreneurs and qualified individuals who meet its criteria.
The authority stated that it launched the programme to assist eligible investors numbering 6,800, as well as brief them about the new system and its features. The first batch of 6,800 investors with Dh100 billion worth of investments were to be granted the Gold Card. The UAE announced that it would grant five- or 10-year residency visas to investors, entrepreneurs, specialists in the medical, scientific, research and technical fields, and 'outstanding' students to "facilitate business and create an attractive and encouraging investment environment" in the country. The visa benefits also extend to the wider family (spouse and children). The government also introduced longterm culture visas for the artists in early October 2019.
Henri Hazougi, managing director of Business Setup Consultants, said: "The newly-introduced types of visas have opened up new investment opportunities and supported mainly the startup and micro business owners who are looking for new market and opportunities." Dubai and Abu Dhabi have been at the forefront to launch new strategies that will help evolve, the UAE as a most progressive nation. On average, the Department of Economic Development issues 2,000-2,500 new licences in Dubai. However, the launch of the Virtual Company Licence is expected to attract more than 100,000 companies in the long term and it should help strengthen the knowledge economy of Dubai. The new initiatives are likely to attract more private sector investment and will help in diversifying the economy.