In recent efforts to facilitate a diverse, permissive and specialized economy, His Highness Sheikh Mohammed bin Rashid Al Maktoum made an announcement regarding new visas valid for up to 10 years for Investors and specialists such as doctors and engineers in UAE.
The announcement came on Sunday 20th May 2018 after His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai chaired a cabinet meeting with UAE ministers, discussing significant changes in UAE socioeconomic reforms and the introduction of welfare, education and pilgrimage laws for expats in UAE.
In the meeting His Highness Sheikh Mohammed bin Rashid Al Maktoum,
“The UAE will remain a global incubator for exceptional talents and a permanent destination for international investors. Over open-environment, tolerant values, infrastructure, and flexible legislation are the best plan to attract global investment and exceptional talents in the UAE”.
Innovators and entrepreneurs seeking long-term plans for business set up in the region can remain in UAE for up to 10 years’ while specialists in medical, scientific, research and technical fields are also eligible to apply for the 10-year visa. The facility will also cover their dependents by extending their visa duration after reviewing their current residence visa scheme.
The policy will fasten a competitive edge against other business hubs in the world by attracting new investment prospects and business competencies in UAE. As a retention measure, it will also sustain resources from specialized professions to remain connected with UAE’s economy and continue providing their services essential to the population.
The cabinet also approved 100% ownership privilege for business and real-estate sector and the extension of visa validity from 5-years up to 10-years for academically exceptional students. For dependent students from investor and specialized profession families, the ministry will review their current visa validity status and extend it to allow students search for job opportunities or further pursue their studies after completion of university studies.
The decision will take full effect by the end of the year 2018, along with other resolutions passed in the cabinet meeting on UAE Sign Language Dictionary, Haj and Umrah system, Medical assistance in Reproduction, School Calendar for year 2018-2021, establishment of UAE embassy in Ivory Coast and economic and technical cooperation agreement between UAE and government of Moldova. Sheikh Muhammad has also directed the Ministry of Economy in coordination with relevant legislative departments to implement the resolution and submit a detailed report by the end of the 3rd quarter this year.