Revolutionary, landmark decision: 10-year residence visa rule hailed
Originally publsihed on May 20,2018 | Gulf News
Major General Mohammad Al Merri, head of General Directorate of Residency and Foreigners Affairs in Dubai (GDRFA) praised the Cabinet decision as a business-friendly move, saying: “The order is an important step which confirms that the Government of the United Arab Emirates spares no effort in overcoming obstacles facing investors."
"It also contributes to enhancing the role of the good government in providing the business climate and environment to positively reflect the economic growth and development in the UAE,” Maj Gen Al Merri said in statement.
Al-Merri stressed that the UAE is a tolerant country that gives opportunities to everyone: “The Cabinet orders will strengthen and complement the good government process that we have always entrusted, which gives every citizen and resident the opportunities, security and security on this good land.”
“This is a landmark announcement, sure to further boost UAE’s image as the most investor-friendly economy in the region,” said Yusuff Ali M.A, chairman and managing director of Lulu Group International.
“100 per cent foreign ownership is a revolutionary step and generate huge interest among global investors,” said Ali.
He said that the new long term visa “will go a long way in attracting and retaining not only investors but also top notch professionals who are very essential in today’s highly competitive world. Salute to the visionary leadership of this great nation.”
Rizwan Sajan, Founder and Chairman of Danube Group,said: “This is surely a wonderful news for all the investors. This decision will brings so much more trust and confidence in investors who have invested huge money in the UAE.
"This step will also give a great boost to the economy of the country and help attract more investment. We are thankful to Shaikh Mohammad for this timely initiative,” Sajan added.
Salman Bajwa, head of asset management at Emirates NBD Asset Management, said the move is a much needed step in the right direction as it would help the economy directly and indirectly by attracting qualified professionals.
“This should have a positive impact on population growth, as more people make the UAE their permanent home,” he said. “Also it would help to remove the transitory mindset of expats making them more likely to invest their savings in local economy and markets instead of repatriating them back to their home country.
Prasanth Manghat, CEO and Executive Director at NMC Health Plc, said the UAE is working towards achieving higher goals in the Global Competitive Index by promoting transparency, improving quality of services and products based on international best practices.
“This move would get the UAE, one step closer to its aim in making the country a thought bed for incubators and creators and a dream destination for investors,” he said.
Dr Azad Moopen, Chairman, Aster DM Healthcare, said that this is the best announcement that we have heard from His Highness recently and is music to the ears of all the residents and prospective investors.
“This will exponentially increase the flow of talent and capital to UAE, which will become a paradise for entrepreneurs and professionals. May God bless the visionary leaders of the country, which is already an oasis of peace and prosperity,” he added.
Dr Ateeque Naqvi, CEO/Consultant Surgeon at Symbiosis Medical Centre in Dubai, said that the decision taken by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, is going to have a very positive impact.
“It shall attract highly qualified professionals and their families worldwide as well as provide a sense of security for them; this decision will create many opportunities for new businesses and will effect the economic growth of the UAE positively,” he added.
Kamal Vachani, Director Al Maya Group, said that the 10-year visa is great news as it will give further boost to investors’ confidence.
"The UAE has always been in the forefront of taking pragmatic and business friendly decisions and this is another great example. We are very delighted and excited on the decision. We congratulate His Highness on this investor-friendly decision."
Y. Sudhir Kumar Shetty, president UAE Exchange, said: “This is a great news for all of us."
This is a step forward in the right direction which will not only boost the confidence of resident investors but also would encourage non-resident investors to look at the UAE market with renewed interest to commit more investments in the future.
'It is also heartening to note that even specialised medical professionals and engineers are also eligible for this long term visa.”