Arabian Business: Why the UAE’s new visa ownership laws will benefit start-ups and multinationals alike
UAE government continues to work to find new ways of boosting the local economy, bringing in foreign direct investment, and encouraging global companies to come and set up shop here
Arabian Business: 24 May 2018
New rules that have been announced this week by the UAE Cabinet have the potential to have an incredibly positive long-term effect on what is already the most progressive country in the region.
For developers such as Arada, the changes are proof of what we have always known – that the government continues to work to find new ways of boosting the local economy, bringing in foreign direct investment, and encouraging global companies to come and set up shop here.
In Sharjah specifically, new rules that have only just been introduced allow investors to buy property in the Emirate without a UAE residency visa have been a significant boost to the market.
While the details of the legislation, which is expected to be enforced in the third quarter of this year, are still unclear, there can be no doubt that they represent a sea-change in the way that the UAE will be viewed by its current and future expatriate communities.
In particular, the decision to provide 10-year visas to certain sections of the expatriate population will provide them with confidence in their long-term prospects in the UAE, which in turn should encourage them to consider investing in property here.