SAN FRANCISCO, May 21, (THEWILL) – The United Arab Emirates has announced plans to allow 100 percent ownership and visa incentives to foreigners, in a bid to attract investors to boost its slowing national economy.
The decision was taken by the UAE cabinet on Sunday night and aims to lure “international investments and exceptional talent”, according to Dubai ruler Sheikh Mohammed bin Rashed Al-Maktoum.
Analysts believe that the new measures were in response to an economic slowdown in the oil-rich Gulf state on the back of lower oil prices, with reports showing the vital real estate and tourism sectors of Dubai struggling.
The decision will allow foreign investors 100 percent ownership of companies, coupled with 10-year residence permits for them and their families and will come into force by the end of 2018.
The new measures also grant 10-year long residence permits to professionals in the medicine, science, research and technical fields.
At today’s Cabinet meeting, we decided to allow 100% foreign ownership of companies in UAE, with a 10 year visa for investors,scientists, doctors, engineers, entrepreneurs and innovators.
The UAE has always welcomed, and always will, innovators and business leaders pic.twitter.com/N93MqK89Rp— HH Sheikh Mohammed (@HHShkMohd) May 20, 2018
