New visa rule in UAE: Magnet for investments, talent

New visa rule in UAE: Magnet for investments, talent

Abu Dhabi: The UAE Cabinet’s decision to allow 100 per cent foreign ownership of companies in the UAE with a 10-year visa for investors, scientists, doctors, engineers, entrepreneurs and innovators will be a major incentive to attract foreign direct investment (FDI) as well as top talent into the UAE, senior government officials and experts said on Monday.

Saif Mohammad Al Hajiri, Chairman of the Department of Economic Development, Abu Dhabi said the new decision reflects the wise approach of the UAE leadership and government in moving towards building a strong and integrated national economy — based on competitiveness at a regional and international level.
$11 billion was the foreign direct investment into UAE in 2017
3% is the projected growth of the UAE economy in 2019, according to IMF
2.8% is the projected growth rate of the UAE’s non-oil GDP for 2018

“The decision reveals the transparency and clarity of policies implemented by the UAE’s federal government, a key incentive in attracting foreign direct investments to the country,” said Al Hajiri in a statement.
Source: GN


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