10-year residence visa to boost Uae economy
abu dhabi — Investors and specialists such as doctors and engineers will receive UAE residency visas valid for up to 10 years, it was announced on Sunday. The families of these categories of expatriates will also receive the same visa validity. Top performing students are also eligible for the 10year residency visa scheme.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, announced the decision after chairing a Cabinet meeting.
“The UAE will remain a global incubator for exceptional talents and a permanent destination for international investors. Our open environment, tolerant values, infrastructure and flexible legislation are the best plan to attract global investment and exceptional talents in the UAE,” Sheikh Mohammed said.
Sheikh Mohammed directed the Ministry of Economy in coordination with the concerned parties to implement the resolution and follow up on its developments, and to submit a detailed study in the third quarter of this year.
The new visa system will increase the chances of attracting investors and competencies to the UAE and thus increase the country’s economic competitiveness
globally. The global investors’ ownership is expected to reach 100 per cent by the end of the year. The system will grant investors and specialists in medical, scientific, research and technical fields, a 10-year visa. It will also facilitate five-year residency visas for students studying in the UAE, and 10-year visas for exceptional students.
The new decision will also review the current residency system to extend the residency time for dependent students after completing their university studies. This will give them the opportunity to study their practical options in the future.
Yusuffali MA, chairman of Lulu Group, said: “This is a landmark announcement and will go a long way in attracting and retaining not only investors but also top notch professionals who are very essential in today’s highly competitive world.”
Rizwan Sajan, chairman and founder of Danube Group, said Indians like him have invested a lot of money in the UAE. “This (move) boosts the trust and confidence which we already have in the UAE. We are thankful to Sheikh Mohammed for this initiative, which will surely boost the economy.”
Atik Munshi, senior partner, Crowe Horwath, said: “This not only incredibly attractive, but also has come at the right time when the UAE is looking to enhance its investor community. This will build up enormous confidence for the investors who want to make the UAE their home,” Munshi told
Khaleej Times.
Pakistan Business Council (Dubai) president Ahmad Shaikhani said the move would benefit the UAE economy in general and the property sector in particular. “I hope it would be extended to all businesses,” Shaikhani said.
On the other hand, the Cabinet adopted in its session the UAE Sign Language Dictionary, which is the first UAE-language reference dictionary for the UAE dialect, and a unified reference language for people with hearing disabilities. The Emirati Sign Language Dictionary is in line with UAE Vision 2021 and the National Agenda and will facilitate the exchange of knowledge between the members of society and those with hearing disabilities.
The Cabinet also adopted a resolution on the Haj and Umrah system, in line with the approved electronic pathway programme for pilgrims in Saudi Arabia, which includes Haj permits and permitgranting regulations.
The Cabinet also adopted the Federal Law on Medical Assistance in Reproduction, which comes as a renewal of the current law in the same field. The new law expands its provisions to include new regulations in licensing medical centres.
On the other hand, the Cabinet adopted the school calendar for the next three years (2018-2021) for all levels of education in order to provide all parties involved in the educational process with a clear and accurate view of the school calendar.
The Cabinet also approved the restructuring of the Board of Trustees of the Emirates Diplomatic Academy under the chairmanship of Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation and Chairman of the Board of Trustees. The Cabinet also approved the reformation of the UAE Committee for the Coordination of Foreign Humanitarian Assistance headed by Reem Al Hashemi, Minister of State for International Cooperation, to coordinate and organise the UAE’s humanitarian response to all international humanitarian crises and situations.
The Cabinet also adopted the establishment of a UAE Embassy in Ivory Coast in Abidjan and the establishment of a UAE Consulate General in Zanzibar in the Republic of Tanzania.
The Cabinet also approved an agreement between the Government of Moldova on economic and technical cooperation, and an agreement with Turkmenistan on cultural cooperation.
We are thankful to Sheikh Mohammed for this initiative, which will surely boost the economy.” Rizwan Sajan, founder, Danube