Why are expats willing to invest more in the UAE?
UAE government’s recent decision to issue 10-year visa to investors is expected to enhance the flow of expatriates’ investments in the Gulf nation. This landmark decision has already infused a sense of confidence among investors as now they don’t need to jostle with visa paper-work every two to three years.
“I have invested in frozen food business in the UAE and I am dealing with Eastern Europe while sitting here. More recently I had opened a new office in Singapore as investor visa rules are comparatively more liberal there. But now that investment in Singapore office does not mean much in the wake of UAE government’s recent decision. As an investor, I am feeling more confident and empowered now,” said Aftab Ali Khan, a Pakistani expat, who is doing business in the UAE for the last 15 years.
Besides UAE will be granting 10-year visa to specialists such as doctors and engineers and the families of these categories of expatriates will also receive the same visa validity. Also, extraordinary students can also apply for the 10-year visa.
“My son will be going to college or university in 2019 and we had planned to send him to the UK for higher education. But now we are thinking to change our plan and let him try to get in some good university in the UAE,” said Robert Irani, a Dubai-based nutritionist.
“As he is eligible to get 10-year residency visa so he will be having ample time to look for a suitable job after completing his studies in the UAE. So there is no need to invest outside the UAE when we are getting enough opportunities here,” he added.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, had announced this decision of longer duration visa after chairing a Cabinet meeting last month.
Boosting investors’ confidence
Veteran expat businessmen, who have made UAE their home for the last many years, are also upbeat with this new decision
“This is a landmark announcement sure to further boost the UAE’s image as the most investor-friendly economy in the region. This new long-term visa will go a long way in attracting and retaining not only investors but also top notch professionals who are very essential in today’s highly competitive world,” said Yusuffali MA, chairman of Lulu Group.
Avin Gidwani, CEO of BNC Network, Dubai, said, “This policy will mark the beginning of the next economic wave – it clearly answers the question about the driver behind the aggressive ongoing construction.”
“The UAE’s leadership has always been visionary and this policy demonstrates their sophisticated economic outlook and farsightedness. This is a game-changing initiative that will boost investor confidence and add rocket fuel to the UAE economy.”