In the UAE, Dubai golden visa likely to increase economic growth by up to 1 percent

UAE flag flies over a boat at Dubai Marina, Dubai, United Arab Emirates May 22, 2015. (Reuters)

The United Arab Emirates is expanding its “golden” 10-year visa, and economic growth and productivity in Dubai are expected to grow as a result, state news agency WAM reported on Monday.

The UAE said it will begin granting the golden residency visa to residents in certain professions or those with specialized degrees, high school students living in the country, and university students with a GPA of 3.8 or higher.

“When all stages of granting golden residency to different groups are completed, economic growth rate in Dubai is likely to increase between 0.25 percent and 1 percent, driven largely by domestic demand and investment, according to the analysis done by the Corporate Strategic Affairs sector in Dubai Economy,” the WAM statement said.

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The new visa system is the latest in a string of new programs aimed at attracting people to the Emirates, as well as improving living standards for expatriates in the country.

Foreigners in the UAE usually have renewable visas valid for only a few years tied to employment. Over the past couple years, the government has loosened its visa policies, offering longer residencies for some foreigners.

From December 2020, Ph.D. holders, physicians, engineers in the fields of computer engineering, electronics, programming, electricity and biotechnology as well as graduates from UAE-accredited universities who scored GPA of 3.8 and above will be eligible for the residency visa.

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“The changes in the residency system reflect the UAE’s interest in not only attracting creative and talented people, but also in ensuring they remain in the country through providing them with a stimulating environment and increasing family stability. This will have a positive impact on development, especially in promoting investment, including foreign investment,” WAM reported Mohammed Shael Al Saadi, CEO of the Corporate Strategic Affairs sector in Dubai Economy as saying.

Yesterday, Dubai granted the visas to two Indian orphaned girls and their grandparents. The girls were orphaned after their parents died in a “criminal incident,” and they were given full school and university scholarships as well as paid-for accommodation.

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Last Update: Tuesday, 24 November 2020 KSA 09:18 - GMT 06:18
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