By: Mahmoud Gamal

Abu Dhabi – Mubasher: The concerned entities in the UAE are looking to attract international businessmen to invest in the country and boost its economic growth, mainly in the major sectors such as the real estate sector.

The real estate sector, which recently slowed, is one of the main pillars of the UAE’s economy.

In the same vein, the UAE Cabinet yesterday approved five-year or 10-year residency visa for major investors, outstanding students, and researchers.

The long-term visa decisions will strengthen the country’s position in the world by luring professional talents to the different economic sectors, economists told Mubasher.

These decisions come within a series of sovereign decisions this year that aim to revive the economic sectors in the UAE and attract foreign assets, they highlighted.

Accelerating economy 

Economist Wadah Al-Taha said that this decision has been announced in the right time to show the government role to accelerate the economic growth, especially in the new sectors such as financial technology and other sectors.

This decision will allow professional talents and creative people the chance to implement the steps of the digital economy in the UAE, which will also boost the economic growth, Al-Taha added.

The 10-year residency visa will be offered for major investors, doctors, engineers, and outstanding students, which may encourage investments in the real estate sector, as well as creativity, he noted.

He also said that the long-term residency system in the UAE will help to establish a strong base of law and social infrastructure that include education and medical care.

Rates of safety

For his part, economist Ali Al Hamoudi told Mubasher that the 10-year visa will mainly boost investments in the UAE’s real estate sector that depends directly on long-term investments.

This decision will also boost the rates of safety in the country and contribute to achieving social stability, which will consequently raise demand for investing in the real estate sector, Al Hamoudi indicated.

He further noted that the decision will also revive the service and commercial sectors directly and directly.

He hoped the government would take further decisions to reinforce growth in the real estate and commercial sectors, particularly to reduce some fees in order to keep the UAE a strong competitor in the field.   

Translated by: Mai Ezz El-Din