Search DubaiPRNetwork.com

Home >> Government, Legal & Humanity

UAE ‘takes lead' in building its position as a hub for investment and international talent

Wednesday, December 26, 2018/ Editor -  

Share

Home >> Government, Legal & Humanity

Government has shown itself to be proactive by regional and international standards, says law firm

Dubai, UAE, 26 December, 2018:   The UAE has moved ahead of other regional and overseas destinations in positioning itself as a hub for investment and international talent, say experts at STA Law Firm. 

The introduction of a long-term visa system for investors, entrepreneurs, specialised talents, and researchers has been warmly received by business analysts, and STA says the initiative can deliver even broader long-term economic benefits than initially seen.

“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 AED164.3 billion in 2017, and ensure more money remains in the local economy.”

Thacker says 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.”


Previous in Government, Legal & Humanity

Next in Government, Legal & Humanity


Home >> Government, Legal & Humanity Section

Latest Press Release

Michael Michael Kors Spring 2019: Middle East Edit

Union Cooperative supports UAE agriculture with AED 79 Million

Meet HP Tango! The Home Printer Reinvented

Philippines consulate general visits Danube Home

Top Tips on choosing the perfect Coffee Table

Over 1,700 projects worth USD 1 trillion fall under China's ambitious One Belt, ...

Mobile Malaria Project Embarks on Journey of Discovery

IKEA survey reveals that although the bedroom is the most essential room in hous ...

Volvo Cars celebrates 60 years of sharing safety knowledge with open-for-all dig ...

Malabar Gold & Diamonds actively participated in UAE National Sports Day conduct ...

Etisalat AGM approves Full-year 2018 dividends of 80 fils per share

Dubai WoodShow attracts more than 7300 visitors, USD 70 million in business deal ...

Step up your make-up game for Spring/Summer '19 with Lottie London

This Weekend Sees Abu Dhabi Host Week 13 of Show Jumping Competitions

Schneider Electric Partners with Vericlave to Strengthen Customers' Cyber Postur ...

IKEA X TOM DIXON X YOU

Top Chefs recognized by American Egg Board at ExpoCulinaire

Oman Insurance Company wins Medical Insurance Company of the Year at 2019 Annual ...

Emirates Post invites young people to enter international letter writing competi ...

UAE Team Emirates Opts for Power as Gaviria and Kristoff Top Line-up for Milan-S ...