The UAE’s initiative to introduce a long-term visa system for investors, entrepreneurs, specialised talents, and researchers can deliver even broad long-term economic benefits, said experts at STA Law Firm in Dubai.

“The government has shown itself to be proactive by regional and international standards in tackling economic issues head on with resolve and strategic action,” said Sunil Thacker, senior partner at STA.

“The recent approval of the new long terms visa system underlines its ongoing commitment to make the UAE a pre-eminent destination for attracting investors and international talent.”

The new system means eligible investors will receive either a five or ten-year residency visa while qualifying entrepreneurs will be able to obtain a five-year residency visa with the added incentive of later being able to earn an investor visa.

Thacker sees the offer of long-term security for investors and entrepreneurs delivering a raft of economic benefits.

“A surge in private investors and entrepreneurs will supplement the UAE’s current workforce and help stabilise the economy,” he said. “The projected influx will help balance the outflow of funds remitted by expatriates, which amounted to Dh164.3 billion ($44.7 billion) in 2017, and ensure more money remains in the local economy.”

Thacker said the availability of long-term visas will help boost competitiveness within the UAE economy by shifting the focus from the reliance on oil and gas sectors to a knowledge-based economy.

“An open-door policy towards investors and entrepreneurs regarding longer visa periods in addition to the 100 per cent foreign company ownership reform will encourage further investment in the country,” he said.

“More business enhances competition which will drive companies to develop a leading edge in their specific sectors. This will create more business hubs, further reinforcing UAE status as a global business hub and leader for technology and innovation.

“There has already been a surge in confidence as a result of the Cabinet initiative, as reflected by the immediate growth in shares of Aldar Properties and Damac by one per cent, and we can expect more government initiatives to build on this momentum,” he added. – TradeArabia News Service