UAE announces plans to boost economy, attract workers | Business and Economy News

UAE announces plans to boost economy, attract workers | Business and Economy News

Emirates plans to attract $150bn in international direct funding in subsequent 9 years, authorities officers say.

The United Arab Emirates plans to launch 50 new financial initiatives to boost the nation’s competitiveness and attract 550 billion dirhams ($150bn) in international direct funding within the subsequent 9 years, authorities officers have mentioned.

The tasks, a few of which have been unveiled on Sunday, embody investing in expertise and creating new visas to attract residents and expert workers.

The Gulf state has launched a number of measures over the previous 12 months to attract funding and foreigners to assist the financial system recuperate from the consequences of the COVID-19 pandemic.

The modifications additionally come amid a rising financial rivalry with Gulf neighbour Saudi Arabia to be the area’s commerce and enterprise hub.

Among the tasks, the UAE and the Emirates Development Bank will make investments 5 billion dirhams in industrial expertise and technology-heavy sectors, Minister of Industry and Advanced Technology Sultan al Jaber mentioned throughout a media briefing.

“The UAE’s drive for the next 50 years is to become a global player across different industries,” Minister of State for Advanced Technology Sarah al-Amiri instructed Reuters information company.

“The region is what we have been targeting for the past five decades. Now we are moving on to ensure that a lot of our sectors are competitive at a global level.”

Two new visa classes – one for freelancers and one for entrepreneurs and expert workers – shall be created to attract and retain foreigners with fascinating abilities, officers mentioned on Sunday.

Foreigners within the UAE normally have renewable visas legitimate for just a few years tied to employment.

The new “green visa” for expert workers can have extra flexibility for sponsoring relations and will permit extra time to discover a new job after one employment ends, officers mentioned.

Last 12 months the UAE prolonged to extra classes a “golden” visa system which grants 10-year residency, a transfer that Dubai mentioned may boost financial progress within the emirate by up to 1 %.

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