UAE unveils reforms to lure foreign investors

UAE unveils reforms to lure foreign investors

ABU DHABI-Agence France-Presse
UAE unveils reforms to lure foreign investors

The United Arab Emirates has announced plans to allow 100 percent ownership and visa incentives to foreigners, in a bid to attract investors to boost its slowing national economy.

The decision, taken by the UAE cabinet late on May 20, aims to lure “international investments and exceptional talent,” according to Dubai ruler Sheikh Mohammed bin Rashed Al-Maktoum.

The new measures come amid signs of an economic slowdown in the oil-rich Gulf state on the back of lower oil prices, with reports showing the vital real estate and tourism sectors of Dubai struggling.

The decision will allow foreign investors 100 percent ownership of companies, coupled with 10-year residence permits for them and their families, according to a cabinet statement cited by WAM news agency.

The measures will come into force by the end of 2018.

The measures also grant 10-year long residence permits to professionals in the medicine, science and technical fields. Foreigners working in the UAE must have their residence permits made by a national sponsor.