UAE announces plan to revive the economy
By the beginning of 2022, a global summit will be carried out that will allow attracting investments by 150,000 million dollars in the next 9 years
The new economic and migration plan for the United Arab Emirates is expected to attract investments of 150,000 million dollars for the next nine years. This was reported by Abdulla bin Touq, the Emirati Minister of Economy, who also explained that the national executive will provide some 13.6 billion dollars, equivalent to approximately 11.5 billion euros for the same period.
In order to win over investors, the country will hold a “global investment summit early next year to attract 550 billion dirhams ($ 150 billion).” The minister also highlighted the development of an alliance with different international markets, including Israel for about 11 million dollars, equivalent to about 9,000 million euros.
For his part, the Minister of Industry and Technology, Sultan al Jaber, defined the process as “a new era of prosperity and development” and stressed that the government, together with the Emirates Development Bank, will make investments in the order of 1,360 million dollars in the digital sector.
Exceptional visa
The presentation was also attended by Zani al Zeyoudi, Minister of Foreign Trade, who explained the measures that will be implemented to make more flexible the legal aspects related to obtaining the “residence permit in the country, a controversial issue for the kafala system o sponsorship of various countries of the Persian Gulf that leaves foreign workers at the mercy of their employers”.
The country will be implementing a new visa for citizens “with exceptional abilities” such as investors, entrepreneurs and “exceptional students”, who will not require an “employer or company” to receive their residence permit. Likewise, a particular visa will be established for self-employed workers and the grace period will be extended up to 180 days.
M. Rodríguez
Source: bancaynegocios
