With an aim to attract more foreign investments, the United Arab Emirates, which is the second biggest gulf economy plans to offer full foreign ownership and long-term visas to professionals and selected investors.
The cabinet has already approved these suggestions and it will come into force by the end of this year. These changes in ownership rules are a big shift from the policy of restricted ownership. The expatriates, if looking to establish their businesses outside the free zone must seek partnerships from the UAE citizens.
UAE, like other gulf countries, has a base of 9million expatriate workers who will have to leave the country once their work contract ends. When people are unable to set their roots in the country, they keep sending money to their native countries. As per an estimate, approximately 164 billion Dirhams were remitted in the year 2017.
The new rule will surely bring a sigh of relief to people when they will get visa for a period of 10 years. The specialists in the field of medical, technology and research can avail this opportunity. Even the student visas will extended to 10 years from 5 years.
The UAE Prime Minister and the Dubai ruler said that the open environment, flexible rules, legislation and infrastructure would bring in more global investments in the country. Abu Dhabi is the capital of UAE and it is consisted of seven emirates. Out of them, Dubai is the nation’s largest business hub.