The UAE Central Bank estimated an expected growth of 3.6 percent in the country's non-oil GDP by the end of 2021, reported the official Emirates News Agency (WAM) on Saturday.
The novel coronavirus pandemic wiped demand for oil globally, causing prices to tumble. But in the UAE, officials have implemented programs and updated legislation to promote non-oil growth.
“Thanks to the unlimited support and visionary guidance of our wise leadership, the UAE has made new and important strides in supporting the national economy and accelerating the pace of recovery of various vital sectors from the impact of the COVID-19 pandemic,” WAM reported Minister of Economy Abdulla Bin Touq Al Marri as saying.
In Dubai, a new 10-year golden visa offered to residents in certain professions or with specialized degrees is expected to boost economic growth by 0.25 to 1 percent.
Countrywide, foreigners can now own 100 percent of registered companies, altering the earlier law that companies required an Emirati shareholder.
Dubai has also introduced a one-year “work-from-home” visa to individuals and families who want to live in the emirate while retaining their employment abroad.