Visa reforms aims to boost UAE economy

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Photo: bayut.com

The phases of visa reforms issued by the government will attract more expats in the UAE and will persuade UAE workers to stay longer than expected in the country. With this, more foreign companies will look to expand and operate their business in the UAE.

Typing centers in Dubai have recorded investors applying for five and 10 year visas. 

Firose Khan, manager of Arabian Business Center, said “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.”

The UAE government has issued visas to eye more foreign investors and boost trade ties. Likewise, the Federal Authority for Identity and Citizenship released the first Golden Residence Permit in Abu Dhabi, as part of the Investors Permanent Residence System implemented under a UAE Cabinet resolution. 

The authority explained that it launched a program to help eligible investors as well as informing them about the new system and its features. The 6,800 investors with Dh100 billion worth of investments were granted Gold Card. The UAE released a statement that it would grant five and 10-year residency visas to investors, entrepreneurs, specialists in the medical, scientific, research and technical fields, and ‘outstanding’ students. 

“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,” Henri Hazougi, managing director of Business Setup Consultants said.