UAE Ministers announce the first set of 'Projects of the 50'

ABU DHABI, 5th September, 2021 UAE ministers have announced the first set of bold strategic projects aimed at fostering the UAE’s new phase of growth – both domestically and internationally – and embarking on an ambitious growth strategy as the nation celebrates its golden jubilee and embarks on the 50 years to come. The "Projects of the 50" is a series of developmental and economic projects that will be rolled out throughout September, which aim to accelerate the UAE’s development and consolidate into a comprehensive hub in all sectors and establish its status as an ideal destination for talents and investors. In a press conference held on Sunday, UAE ministers and senior officials announced the first set of projects, which include new and amended visa schemes, comprehensive global campaigns to attract foreign investment, national initiatives to support emerging Emirati companies and boost the quality of national products, partnerships with major economies across the world, and programmes to support the applications of the Fourth Industrial Revolution in all sectors. All of these projects seek to establish the UAE as a global nation and a testbed for technologies and innovation. The ministers and officials who spoke at the conference on Sunday were: Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs; Dr Sultan Al Jaber, Minister of Industry and Advanced Technology; Abdullah bin Touq Al Marri, Minister of Economy; Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Teleworking Applications; Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Sarah bint Yousif Al Amiri, Minister of State for Advanced Sciences; and Saeed Al Eter, Chairman of the UAE Government Media Office. Al Gergawi explained that the vision for the next 50 years is to make the UAE the global capital of investment and economic creativity, an integrated incubator for entrepreneurship and emerging projects, and an advanced laboratory for new economic opportunities. He stressed how the "Projects of the 50" provides impetus for investment in the digital and circular economies, and those based on the applications of artificial intelligence and the fourth industrial revolution. He said, "Over the past five decades, the UAE has opened its doors, ports, skies and economic sectors to become a destination for all, and we will continue on this path as we establish a pathway for 50 more years of development and opportunity. ‘Projects of the 50’ presents to the world a unified economic and investment identity for the next developmental stage in the UAE, establishing an agenda for the next 50 years based on development and opportunity." ‘Projects of the 50’ cover several key sectors including economy, entrepreneurship, advanced skills, digital economy, space and advanced technologies. The series of development and economic projects aim to accelerate the UAE’s economic growth and diversification to ensure a decent life for its citizens and residents, enhance both the public and private sectors, and build a brighter future for the next generations. Modernisation of visa and work permits One of the key legislative changes being introduced as part of "Projects of the 50" is a restructuring of the entry and residency system, which is being upgraded to confirm the UAE’s position as an ideal destination for work, investment, entrepreneurship, education and life. Among the package of new regulations is the introduction of the Green Visa, which expands the self-residency status to investors, entrepreneurs, highly skilled individuals, top students and graduates, and the federal freelancers visa for self-employed workers based in the UAE and overseas in specialised fields such as artificial intelligence, Blockchain and digital currencies. The new regulations also include expanding the Golden Visa eligibility to include managers, CEOs, specialists in science, engineering, health, education, business management and technology, while the pathway has been smoothed for highly skilled and specialised residents, investors, entrepreneurs, scientists, pioneers, leading students and graduates. New visa schemes include: Green Visa, which distinguishes between work permits and residencies, enables highly skilled individuals, investors, entrepreneurs and top students and graduates to sponsor themselves. Green Visa involves: - Sponsorship of young people until the age of 25 instead of 18 - Extending the grace period for leaving the country upon job loss or retirement to 90-180 days instead of 30. - Sponsorship of parents Freelancers Visa, which is the first federal scheme of its kind, and enables self-employers to sponsor themselves. Other specific regulatory changes include: - Extension of business trip permits from 3 months to 6 months - Sponsorship of parents under the visa of direct family members - One-year residency extension for humanitarian cases Extension of children’s age limit on parents’ residency from 18 to 25 years - Extension of grace period upon job loss or retirement to 90-180 days The measures have been introduced to enhance the competitiveness and flexibility of the UAE labour market, facilitate sector growth, spur knowledge transfer and skills development, and create greater stability and security for residents. Comprehensive economic partnership agreements As part of the efforts to consolidate the UAE’s position as a main gateway for global trade and investment, the UAE Government is undertaking comprehensiveeconomicpartnership agreements with eight key global markets around the world. The