UAE: Long-Term Visas, Foreign Company Ownership

In a bid to enhance its global competitiveness, the United Arab Emirates will grant long-term residency visas for up to 10 years to investors, professionals, scientists, innovators, exceptional students, and specialists in the medical, scientific, research, and technical fields, the cabinet announced May 20.

Students studying in the UAE will be eligible for five-year residency visas, the official WAM news agency reported, and the residency of dependant students currently in the UAE will be reviewed, enabling them to extend their residency after completing their studies to “give them the opportunity to study their practical options in the future.”

“The UAE will remain a global incubator for exceptional talents and a permanent destination for international investors,” Mohammed bin Rashid Al Maktoum, UAE vice president and prime minister, said in comments reported by WAM. “Our open environment, tolerant values, infrastructure, and flexible legislation are the best plan to attract global investment and exceptional talents.”

BusinessSteven Leckie24 May 201810-year visa UAE, UAE visas, Bloomberg news, investing in Dubai, living in DubaiComment

900 days to go: Updates on Expo 2020 Dubai preparations

More than 16 million work hours completed on the Expo 2020 Dubai site, with 6,100 cubic metres of concrete being laid per week, and 85km of pipe already laid for site infrastructure works.

UAE's new visa regulations: what we know

Cabinet decision paves the way for long-term stays and seemingly means companies based outside of free zones to no longer require an Emirati partner.

Major changes to the way expats are employed, their legal residency status and the ability for foreign companies to be owned without a local partner were outlined on Sunday night.

The decision by the UAE Cabinet could have far reaching consequences - but raises many complex questions.

As businesses, government officials and the UAE's workforce await more details of a plan said to be ready by the end of 2018, here's what we know so far.

What was announced on Sunday night?

Rising fast: Dubai's next tallest tower hits milestone

Work on a very important segment of the project is now complete.

Construction of the world’s next tallest tower in Dubai has reached a new milestone and is running ahead of schedule.

The 450 skilled workers commissioned for the $1 billion (Dh3.6 billion) project have just completed the concrete placement for the pile cap of the super-tall masterpiece, it was announced on Tuesday.

The pile cap is an important component of the mega structure. It is so massive that the amount of concrete used to put it in place is equivalent to the weight of the CN Tower in Canada.

BusinessSteven Leckie21 May 2018visit Dubai, Dubai property, Dubai trends, investing in Dubai, landmarks DubaiComment

10-year residence visa in UAE for investors, doctors, specialists and top students

100% ownership for investors, 10-year residence for investors, professionals and families, plus top students.

To further boost the UAE’s position as a primary destination for international investors and top talent from around the world, the Cabinet on Sunday has adopted a new system of entry visas for investors and professionals — providing them with a long-term visa for up to 10 years.

Reaction: UAE's new 10-year residence visa rule hailed

The decision, made during a Cabinet meeting chaired by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, further reinforces the UAE’s position as a primary destination for international investors and global talent.

BusinessSteven Leckie20 May 2018UAE visas, Gulf News, investing in Dubai, life in Dubai, living in DubaiComment

Bullet-Point Property: Dubai No. 79

Ramadan Kareem

Dubai's transformation from a fishing village to a global real estate hub has been nothing short of remarkable. From having the world's tallest building to man-madeislands in the shape of a world map, the U.A.E.'s most populous city has never shied away from ambitious construction projects.

Today's motion graphic video, thanks to Knight Frank, is a unique overview of Dubai's half-century-long growth spurt. See the video here

This week’s property discussions have included the following

69% of adult population in UAE have 'good' jobs

Global research looks at how many people have full-time jobs and are happy or engaged at work.

Although you may be forgiven for thinking the employment market is challenging for job hunters these days, a new study suggests that about seven in ten people in the UAE have a “good job”.

No other country in the world, or any popular expatriate destination, has a higher share.

BusinessSteven Leckie16 May 2018UAE employment, Global Great Jobs, Gallup, UAE infrastructure, Gulf NewsComment

Confessions of a Real Estate Agent May 2018

The world is on the move.

Today, an estimated 258 million international migrants are living outside their country of birth. While some of this migration is due to warfare and famine, a more substantial and quieter movement continues to dramatically change our world – the great migration of humanity from the rural countryside into the cities.

Game changer: UAE's new investment law to spur GDP, FDI

Economists expect annual surge of up to 15-20% in FDI flow once law comes into effect.

The UAE's game-changing investment law, which will allow up to 100 per cent ownership to foreign investors in some specific onshore business sectors, is expected to prop up private and foreign direct investments when it will be finally introduced in the last quarter of this year, economists and analysts said.

The law, eagerly awaited by the business community, was widely expected to be introduced in the first quarter of 2018, and is expected to change not only the investment landscape of the UAE, but also create significant growth opportunities by attracting more foreign direct investments, especially into the non-oil sectors.

Business, UAE LawsSteven Leckie13 May 2018Thomson Reuters Zawya, UAE law, investing in DubaiComment

Bullet-Point Property: Dubai No. 78

This week, an investor told me that the single most important resource when buying a property in Dubai is a knowledgeable Real Estate Agent who you can trust.

Naturally, I agree……….well I would, wouldn’t I?

You may wish that it wasn’t so, but an agent is totally necessary when buying or selling in the secondary market, and in my opinion, they are also super important if not essential when buying off-plan.

If you know the market inside out and have a strong relationship with your developer, you could manage without an agent to counsel, recommend and support you until the day that you receive your keys, it's only then that you will need an agent to find a tenant or buyer.

Each time that I hear tales of mis-selling, I become more convinced that an experienced agent’s expertise and market knowledge is vital to cut through a developer's sales and marketing spiel.

It's obvious I know, but we need to remind ourselves that all developers are 100% programmed to sell only their own properties.

Your trustworthy and loyal, independent Real Estate Agent will listen to your plans, expectations and desires and then show you all the options available in the market, explain each developer’s process and reputation, answer all your questions honestly and help you to select the best available property that works for you.

We go into battle for you and support you before the deal is signed and then all the way through construction to completion, handover, snagging, managing, renting and resale.

Enough of this showboating.

I should get on with this week's Bullet Point Property (BPP) email.

Here’s how many millionaires live in UAE right now

UAE keeps adding millionaires every year and chances are that you could bump into them as you go about your daily routine.

While the UAE produces overnight millionaires just about every month - thanks to lottery draws — thousands of wealthy people from around the world migrate to the UAE every year.

And that is why it may be safe to assume that, as the country’s well-heeled population constantly grows, chances are that you could bump into a millionaire as you go about your daily business.

Dubai to expand cycle lanes to 850km

New Dubai tracks will more than double the current 316km length

If you were living in Dubai back in 2006, you might remember that cycling lanes covered about 10km. Now it’s more like 316km. But in the near future? You can expect more than double that.

Cyclists around the city will be delighted to know that plans are being made to expand the tracks to 850km by 2030. That’s a whole lot of room for people to pump their legs.

BusinessSteven Leckie7 May 2018RTA Dubai, cycle tracks in Dubai, Dubai fitness, Time Out DubaiComment

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