The United Arab Emirates (UAE) has taken steps to expand foreign direct investment and plans to attract around US$150 billion in foreign investment over the next nine years. To this end, 50 new economic initiatives are planned, including the creation of two new visa categories, reports the Reuters agency.
The UAE government will launch 50 new economic initiatives aimed at boosting competitiveness and attracting 550 billion dirhams or US$150 billion in foreign direct investment over the next nine years.
Among the initiatives put forward by government officials who made this announcement are the idea of investing in technology and creating new visas to attract residents and skilled workers. All these initiatives have become necessary due to the economic impact of the health crisis related to Covid-19.
Among the projects developed, the United Arab Emirates and the Emirates Development Bank will invest 5 billion dirhams (about $1.4 billion) in industrial technology and technology-intensive sectors. This was stated by the Minister of Economy and Advanced Technologies during a press conference.
The United Arab Emirates issue visas for freelancers and entrepreneurs
The Emirati authorities also intend to introduce two new visa categories with the aim of attracting and retaining foreigners with the qualifications the country needs. This is a visa for freelancers, people who can add value to the country’s economy, and another for entrepreneurs and skilled workers.
In order to implement the new investment policy, the UAE government also intends to reform the visa policy. Foreigners usually receive visas that are only valid for a few years and are closely related to employment.
What is new is that the visa requested by the Emirati authorities for skilled workers is becoming more flexible. It now allows to sponsor his family members and gives its holder the possibility to stay longer at the end of the previous contract to find a new job.
Last year, the United Arab Emirates extended the “Golden Visa” to several categories of workers. The latter guarantees its holder a period of residence of 10 years and could boost the development of the emirate by 1%.