In a bid to boost the economy, the United Arab Emirates on Sunday announced a major plan to ease stringent residence rules for expatriates as the country looks to overhaul its finances and attract foreign residents and capital.
Generally, foreigners are granted only a limited number of visas linked to their employment, and long-term residency is difficult to obtain.
Thus, Emirates has announced a new visa that allows foreigners to work in the country without being sponsored by an employer through a ‘green visa’.
Now, those holding the new “green visa” will be able to work without company sponsorship, and sponsor their parents and children up to 25 years of age, officials said.
Green visas are work permits with residency for pioneers, entrepreneurs and other professionals. Freelance visa will help people to work independently.
Green visa holders can sponsor visas for their sons up to the age of 25. Typically, sons can only be sponsored until they are 18 years old.
Green visa holders can sponsor their parents as well.
The government also said it would allow people who have lost their jobs to stay in the country for up to 180 days, a big boost as most visas are tied to employment contracts.
“It targets highly skilled individuals, investors, businessmen, entrepreneurs, as well as exceptional students and postgraduates,” said Thani Al-Zeudi, Minister of State for Foreign Trade.
Resource-rich Gulf countries such as the United Arab Emirates are increasingly seeking to diversify their economies and reduce their dependence on oil.
The coronavirus pandemic has also hit tourism and businesses in the United Arab Emirates, whose economy was already collapsing in recent years due to low oil prices.
In 2019, the United Arab Emirates launched a 10-year “Golden Visa” to attract wealthy individuals and highly skilled workers, the first such scheme in the Gulf.
Similar programs have since been launched in other resource-rich Gulf countries, such as Saudi Arabia and Qatar.
Riyadh said in June 2019 that it would offer permanent residence for 800,000 riyals ($213,000) and a one-year renewable residence costing 100,000 riyals, allowing expatriates to do business and buy property without a Saudi sponsor.
Doha also opened its property market to foreigners, with a scheme that entitles those buying a home or store to a long-term or permanent residence permit.
Over 90 percent of the 10 million population in the United Arab Emirates are foreigners, making it the second largest economy in the Arab world after neighboring Saudi Arabia.
In addition, the United Arab Emirates is seeking 550 billion dirhams ($150 billion) of inward foreign investment over the next nine years and aims to be among the 10 largest global investment destinations by 2030, UAE Economy Minister Abdullah bin Tak said. It will focus on investments from countries including Russia, Australia, China and the UK
One of the most notable inward investments in recent years was Uber Technologies Inc’s 2019 acquisition of UAE-based ride-hailing company Careem for $3.1 billion. That deal sparked interest from regional and international venture capital firms, and appetite to support Middle Eastern startups has grown over the years, fueled by the region’s rapid adoption of mobile technologies.
With input from agencies
Don’t miss a story! Stay connected and informed with Mint.
download
Our App Now!!
.