The government of UAE has declared a new visa on Sunday that would allow foreigners to work in the country without being sponsored by any business and slackening residency requirements in order to accelerate the economic growth rate of the country.
Previously, it was highly difficult to attain a long-term residency in UAE and the visas were offered for a limited time with a lot of restrictions. With the launch of new green visas, foreigners do not need any company to sponsor them rather they can finance their parents and children up to the age of 25 years. The government also announced that individuals who have lost their jobs will be able to stay in the nation for up to 180 days, which is a significant benefit given that most visas are related to employment contracts.
Foreigners make up 90% of the UAE’s 10 million inhabitants, which is the Arab world’s second-largest economy behind Saudi Arabia.
The Minister of State for Foreign Trade Thani al-Zeyoudi said that this new visa policy was meant to facilitate highly skilled individuals, investors, business people, entrepreneurs, as well exceptional students, and postgraduates.
The economy of the Gulf countries was solely dependent upon the export of oil but they have realized that there is a dire need to diversify their economy after the decline in oil prices in recent years. Furthermore, the coronavirus pandemic had adversely impacted the business and tourism industry of UAE.
As a part of the effort to uplift the dwindling economy, UAE had introduced 10 years golden visa for the wealthy and influential people to invest in the country in 2019. Other gulf countries like UAE and Qatar had also adopted a similar policy to help themselves maintain an upward trajectory of economic growth rate.
In June 2019, Saudi Arabia had announced permanent residency worth $213,000 and renewable residency for one year which was worth 100,000 riyals which enabled expatriates to do businesses in the country without any sponsors. Doha also opened its property market for foreigners giving them the option to get permanent or long-term residency permits.
