Where developed countries like the US and the UK are creating Visa barriers, UAE in hopes of attracting new talent and investment has announced 10 years visa for specialists working in medicine, science, research, and other technical fields. Foreign businesses will be allowed to own 100% business in UAE.
There is a 10 years visa for ‘excellent students’, and five years visa to other students. The changes in UAE visa will be most beneficial to Indians and Indian businesses. 10 years visa will also be valid for families of the specialists working in medicine, science, research, technical fields.
Yusuffali MA, chairman and managing director of UAE-based retail giant Lulu Group International, said this is a “landmark announcement” and a “revolutionary step”.
“A landmark announcement, sure to further boost the UAE’s image as the most investor friendly economy in the region and 100 per cent foreign ownership is a revolutionary step (that will) generate huge interest among global investors,” he tweeted. “This new long term visa will go a long way in attracting and retaining not only investors, but also top notch professionals who are very essential in today’s highly competitive world. Salute to the visionary leadership of this great nation,” he added.
Presently, the foreign countries have to offer Emirates partner a 51% substantial stake, unless they are based in trade free zone. Also, most professionals lack manoeuvrability as their visas are tied to their employers.
Indian businesses and enterprises those have been facing challenges in UAE will be most benefitted by it. The action is taken in order to make UAE market as competitive as possible. UAE wants to become knowledge-based than oil-based economy, in the wake of fluctuating oil prices which has impacted UAE’s economy.
Around 2.8 million Indian expats reside in UAE, where professionals constitute of 15-20% of the community. 20% are white collar professionals (clerical staff, shop assistants, sales men, accountants) and 65% are blue collar workers.
Former envoy Talmiz Ahmad explains, “These changes are a review of the 50-year social contract between the UAE government and their people…it means that while the US is putting up walls, the UAE is removing barriers. They don’t just want to import technology, but want to contribute to technological development.”
