The United Arab Emirates cabinet approved steps on Sunday that would allow 100 percent ownership of UAE based business by Foreign Investors by the end of this year, the state news agency WAM said. The new rules will offer residency of up to 10 years to experts in medical, scientific, research and technical fields as well as five year visas to students and 10 year visas to exceptional students.
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Just like most other Persian Gulf states, a huge portion of UAE’s population consists of expatriate workers and families who are expected to leave the country once their employment ends. Many of these people send their earnings abroad. WAM reported that in 2017 alone, the expatriates send 164 billion dirhams.
UAE prime minister and Dubai ruler Sheikh Mohammed bin Rashid al Maktoum said “Our open environment, tolerant values, infrastructure and flexible legislation are the best plan to attract global investment and exceptional talents”.
According to the current rule, Foreigners cannot open more than 49 percent of any UAE firm unless it is incorporated in a special “Freezone”.The move is a marked shift in the approach of UAE turning to science and technology to ensure that the country keeps growing.
Chief economist at Abu Dhabi Monica Malik said “There seems to be a clear shift in policy to supporting economic activity, boosting investment and putting in place a framework to future development. The measures could help by increasing investments levels, population inflows, development of new sectors especially in the technology front and reducing remittances out of the country”.
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