Economy
Investors of $27 Billion Granted Permanent Residency in UAE

(Bloomberg) — The United Arab Emirates said it had launched a “Golden Card” permanent residency program, granting 6,800 permits to foreigners who together had invested 100 billion dirhams ($27 billion).
While the residencies announced on Tuesday were given to investors, people with “exceptional skills” in medicine, engineering, science and arts can also be eligible, Prime Minister Sheikh Mohammed Bin Rashid Al Maktoum said on Twitter.
It wasn’t immediately clear how the program differed from one announced last year that offered some expats long-term visas that have to be renewed on expiry. Officials weren’t immediately available for comment.
Gulf governments have long resisted offering permanent residency to their millions of foreign workers, guarding privileges enjoyed by their citizens. But forced by the 2014 oil-price slump to prepare their economies for a post-fossil fuel world, they are now seeking to entice wealthy people to stay.
Read more: Millionaires Flee Homelands as Tensions Rise, Taxes Bite
Saudi Arabia earlier this month approved a program that allows some expats permanent residency, something Qatar has also passed into law.
Last year, the U.A.E. announced a plan to grant visas of five to 10 years to wealthy property investors, entrepreneurs and “specialized talents and researchers.” A minimum investment of 5 million dirhams ($1.4 million) was required to obtain a five-year visa, and double that amount to stay for a decade.
Sheikh Mohammed wrote on Tuesday that “residency will be granted to those with exceptional talent and all those who positively contribute to the U.A.E.’s success story.”
-
OER Magazines1 month ago
OER, July 25
-
Alamaliktistaad Magazines1 month ago
Al-Iktisaad, July 25
-
Digital2 months ago
Russia’s Digital Frontier: An Inside Look with Alexey Goreslavsky of IRI
-
News1 month ago
OpenAI Strengthens ChatGPT’s Mental Health Safeguards Ahead of GPT-5 Launch
-
Banking & Finance2 months ago
Sohar International Partners as Main Sponsor for Refill 3, a Culinary and Cultural Festival Driving Tourism in Khareef Dhofar
-
Banking & Finance2 months ago
Tender results of Government Treasury Bills worth RO21.7 million issued
-
Energy1 month ago
SOHAR Port and Freezone Signs MoU to Develop Natural Hydrogen Value Chain in Oman
-
Economy1 month ago
Najla Zuhair Al Jamali Appointed President of bp Oman
You must be logged in to post a comment Login