To boost the economic growth of the United Arab Emirates, the government is bringing some major changes into their policies. The seven state federation is looking to bring changes that allow the foreigners to obtain long-term residency visa of UAE after their retirement. The new law will come into force with effect from 2019.
The new law shall be applicable to the residents who retire above the age of 55 years and the visa will be valid for a period of five years. The new policy shall also give the option of visa renewals to the residents. To qualify for the renewal visa an individual must have an investment of worth 2 million dirhams in a property or savings of not less than 1 million dirhams or a permanent income of at least 20,000 dirhams per month.
This step is considered as a great move forward for a member of the six-nation Gulf Cooperation Council. They generally do not allow or permit expatriate workers to stay in the country beyond the limit of work permit.
Qatar in recent days has also made permanent residency an option for foreigners. This step would grant the foreigners an access to the welfare system and commercial rights that were earlier reserved only for its citizens.
In addition to the new policy, the UAE government has also decided to grant some benefits to the industries by cutting the electricity fees. The service connection for the new factories shall now be waived. The cost of electricity for large factories shall be slashed by 29 percent. Furthermore, the electricity fees for small and medium factories shall be reduced by 10 percent from 22 percent.
The vice president, prime minister of UAE and ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, believes that improving the competitiveness of the country is a journey that has no finish line.
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