The UAE introduced a brand new visa Sunday permitting foreigners to work within the nation with out being sponsored by an employer, loosening residency necessities in an try to spice up financial development.
Foreigners within the oil-rich United Arab Emirates are usually solely given restricted visas tied to their employment, and long-term residency is tough to acquire.
But these holding the brand new “green visa” will be capable of work with out firm sponsorship, and might sponsor their mother and father and kids as much as 25 years previous, officers stated.
“It targets highly skilled individuals, investors, businesspeople, entrepreneurs, as well exceptional students and postgraduates,” stated Minister of State for Foreign Trade Thani al-Zeyoudi.
Resource-rich Gulf international locations such because the UAE are more and more searching for to diversify their economies and cut back reliance on oil.
The coronavirus pandemic has additionally impacted tourism and companies within the UAE, whose financial system was already slumping in recent times on account of low oil costs.
In 2019, the UAE launched the 10-year “Golden visa” to draw rich people and extremely expert employees, the primary such scheme within the Gulf.
Similar programmes have since been launched in different resource-rich Gulf international locations, comparable to Saudi Arabia and Qatar.
Riyadh stated in June 2019 that it’s going to supply everlasting residency for 800,000 riyals ($213,000) and a one-year renewable residency costing 100,000 riyals, permitting expats to do enterprise and purchase property with no Saudi sponsor.
Doha additionally flung open its property market to foreigners, with a scheme giving these shopping for properties or shops the correct to longer-term or everlasting residency permits.
Foreigners account for 90 % of the 10 million inhabitants within the UAE, the Arab world’s second-largest financial system after neighbouring Saudi Arabia.
(Except for the headline, this story has not been edited by NDTV employees and is revealed from a syndicated feed.)