By: Mahmoud Gamal

Dubai – Mubasher: Economists have welcomed the UAE Cabinet’s decision of granting international investors and professionals a long-term visa.

These decisions aim at reinforcing competitiveness in the UAE, providing investment opportunities, and attracting international firms and global investors, economist told Mubasher.

On Sunday, the UAE Cabinet, headed by vice president and ruler of Dubai Mohammed bin Rashid Al Maktoum, announced a new long-term visa to some international investors and talented professionals, allowing 100% foreign ownership in companies.

Competitiveness

This important step for the UAE, mainly Dubai, will bolster the country to compete with the world major financial hubs, such as Singapore, economist at Adaa Financial Services Ali Al Hamoudi said.

This move also aims at benefitting from the economically and financially skilled graduates to take part in the recent Emirati economic boom, Al Hamoudi added.

The results of the Cabinet’s decision will be fruitful over the coming years, he pointed out.

Luring investments

For his part, economist Bassel Abou Teiama said that the Cabinet’s recent decision targets attracting foreign investors and talented professionals.

He indicated that the changes are an actual investment in human resources, which will pave the way for further growth in the UAE’s economy.

The changes are also an opportunity for cultural communication that will develop the abilities and skills of the locals and lure scientific missions from overseas, he added.

Abou Teiama noted that the decision included vital segments, such as the mining sector, which will strengthen the UAE’s economy ahead of Expo 2020 Dubai.

Translated by: Mai Ezz El-Din