Some investors, professionals to be given up to 10-year visas
Foreign citizens sent $45 billion abroad from U.A.E. in 2017
The United Arab Emirates is abandoning decades of restrictions on foreigners owning companies and settling in the Gulf country to help lure money and talent in a slowing economy.



The new rules, reported by the state-run WAM news agency, include allowing non-Emiratis to control a company outright and offering residency of up to 10 years to specialists in medical, scientific, research and technical fields and top students. The changes will take effect by the end of this year.



It’s the biggest recognition yet that the second-largest Gulf economy is more reliant than ever on foreign investment and an expatriate workforce at a time when the oil-dependent region faces challenges rarely seen since the 1990s.

It follows legislation in neighboring Qatar last August that granted some foreigners the right to remain indefinitely as it adapts to a year-long embargo on the country led by Saudi Arabia and other Arab nations including the U.A.E.

Like in most other Persian Gulf states, a majority of the U.A.E.’s population of 9 million consists of foreigners who are expected to leave once their employment ends and many send earnings abroad. In 2017 alone, expatriates remitted 164 billion dirhams ($45 billion), according to WAM.

“There seems to be a clear shift in policy to supporting economic activity, boosting investment and putting in place a framework to future development,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank. The measures could help by increasing “investments levels, population inflows, development of new sectors especially in the technology front and reducing remittances out of the country,” she said.

While Abu Dhabi and especially Dubai have thrived on tourism, financial services and as airline hubs, the U.A.E. government is turning to science and technology to ensure the country can keep growing. The growth rate in the economy has slowed to levels last seen in 2010 and the real estate market has a glut of empty apartment blocks.

Changes to ownership rules are a significant departure from the policy of restricting foreign ownership outside so-called free zones such as the Dubai International Financial Centre. Foreigners seeking to establish businesses outside those zones, which are exempt from most local rules, must seek partnerships. U.A.E. citizens have to own 51 percent of the ventures.

“We expect a significant positive effect on foreign direct investments,” said Jaap Meijer, managing director and head of equity research at investment bank Arqaam Capital Ltd. in Dubai. “The decision should also help net immigration, which should significantly alleviate the current pressure on housing markets.”

The benchmark stock index in Dubai climbed as much as 1.4 percent, the most since April 15, before trimming the gain to 1 percent at the close. The gauge in Abu Dhabi rose 0.7 percent.

SOURCE: https://brandspurng.com/u-a-e-backs-100-foreign-ownership-of-local-companies/

hmmmm,

are dey buying awa Kountri in dollar.. abi d intrest will help our country from getting cheap visa to cross nd leave d country for pipul wu lov d country so much....

good for them

Sheikh Mohammed bin Rashid Al Maktoum, my everyday crush.


Anyone with his contact?

See country having people with functioning and not death brains. COLLECT FAVOUR. They are more interested in providing jobs and infrastructure for their people, as well as to avoid importation.

Lol

Buhari is a crook

Nwaohafia1:
Sheikh Mohammed bin Rashid Al Maktoum, my everyday crush.

Anyone with his contact?

Your eye big

Ijaya123:
A new dawn

Ok

Eventually, they will start giving citizenship.

China is next

Maybe the next 10 years, Africans can get a permanent home in these countries, African-Arabs, African-Chinese.

Aaaa-leeee-lu-haaaaa

Nice

eagleeye2:

Your eye big

I think and dream big

Tychamps:

Can't see the dawn improving our country here in Nigeria

You expect Dubai to help you improve your country?

Who cursed nigeria

Nwaohafia1:

Sheikh Mohammed bin Rashid Al Maktoum, my everyday crush.


Anyone with his contact?

The guy na Muslim o

Okay take his number

090023675897

Maket:
See country having people with functioning and not death brains. COLLECT FAVOUR. They are more interested in providing jobs and infrastructure for their people, as well as to avoid importation.

If they bring this idea to Nigeria, you will also be one of the people that will say "they want to sell our country"

Moreoffaith:


The guy na Muslim o

Okay take his number

090023675897

Correct pass
I sight you sir

Nwaohafia1:

Sheikh Mohammed bin Rashid Al Maktoum, my everyday crush.


Anyone with his contact?

Wake up already. Arrange for your migration to Dubai, along with your guy. You can't get to him from a sh!th0le

Tychamps:
Buhari is a crook

Stale & dry.

Nice development

Ijaya123:

Stale & dry.

It was not intended for you to laugh

Tychamps:

It was not intended for you to laugh

It makes no sense neither.

Here in Nigeria Abokki government are opening doors to Nigierians, Chadins and Lybians Terrorists to come and invest in Nigeria.

Is UAE not a muslim country. It will never be well with Lugard that brought this calamity to us.

Nwaohafia1:

Sheikh Mohammed bin Rashid Al Maktoum, my everyday crush.


Anyone with his contact?

Yes, 08034210244

Please nairalanders help me, Am dying through hunger. I have begged many nairalanders through their various Mail but no positive response. 2108205688 UBA. USMAN

Maket:
See country having people with functioning and not death brains. COLLECT FAVOUR. They are more interested in providing jobs and infrastructure for their people, as well as to avoid importation.

I tell you.Only in that part of the world do you see people in power with ideas, and innovations.In Nigeria "LIGHT" alone is a plague.As soon as PHCN or whatever restore light, its either one is rushing to press his clothes or endlessly trying to charging phone.

Mutuwa:


I tell you.Only in that part of the world do you see people in power with ideas, and innovations.In Africa "LIGHT" alone is a plague.As soon as PHCN or whatever restore light, its either one is rushing to press his clothes or endlessly trying to charging phone.

say in Nigeria not Africa. I experienced uninterrupted power supply in the African countries I have visited.

majekdom2:
say in Nigeria not Africa. I experienced uninterrupted power supply in the African countries I have visited.

Noted.Thanks

Nwaohafia1:

Sheikh Mohammed bin Rashid Al Maktoum, my everyday crush.


Anyone with his contact?

Hmmm! Child of God!!