The UAE’s new permanent residency system will encourage more entrepreneurs and business owners to invest in the country, experts said.
The ‘golden card’ initiative, launched by Sheikh Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai, has been met with unanimous approval by senior business leaders already operating in the Emirates.
Experts have backed the new visa, believing it will entice big business to trade in a marketplace with increased stability.
“Setting up any new business’s operational process in the UAE has never been simpler, and improvements are being made year on year.”
The initiative is part of the government’s larger ambition to draw high-end research, technology, and start-up firms to the Emirates.
People planning long-term investments would consider making Dubai their home address following the decision, said Hussain Sajwani, chairman of Damac Properties.
“The golden card programme will definitely heighten interest. Last year’s announcement of long-term visas has already generated increased interest globally and should visas be applicable to those expats who are at the point of considering Dubai as their home address, this will certainly influence their decision making.”
The government has selected 6,800 people for long-term status.
“It’s a new asset for the UAE in terms of positioning itself in the worldwide competition between cities to attract talent. When you compare the two schemes, it is clear that now the UAE has an edge.”