UAE Seeks to Lure in Foreign Investment Surge with ‘Projects of the 50’

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Staff Writer, TLR

Published on July 14, 2023, 17:41:00


UAE Seeks to Lure in Foreign Investment Surge with ‘Projects of the 50’

The UAE never fails to impress with their skill to attract global talent and foreign investments, which has empowered the ones who hold the reins of the middle-eastern nation to transform – almost at a magical pace – the bunch of emirates, with little known cities to cities of the future. Now, at the wake of 50 years of vision and futuristic development, the UAE has not decided to rest. The UAE has now drawn out a plan, based on the development story of the last 50 years to plan out the next 50 years and to bring more foreign investment. One of the key plans within this is the Green Visa plan, a work permit, the details of which would be delved into in this article.

Projects of the 50: An Overview

Government officials, while elucidating on the plan, stated that the United Arab Emirates will launch 50 new economic initiatives over the next nine years in order to strengthen the country's economic competitiveness and attract $150 billion (AED 550 billion) in foreign direct investment. Investing in technology and introducing new visas to attract and retain residents and talented workers are among the proposals announced. The launch of a bold new series of national strategic projects that could be an omens for the development path ahead, was announced by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. The UAE's economic and development programmes are intended to cement the country's regional and international reputation as a major economic hub and a champion of excellence, with a competitive business environment that will attract investors, innovators, and global talent. The plan seeks to diversify the economy and to widen the base of income sources for the nation. So far, the first 13 Initiatives among the 50 have already been introduced.

Few of the key initiatives is building agreements with key markets across the globe to attract an AED40 Bn annual increase to the UAE’s current AED257 Bn trade volume. The countries where these markets exist are distinguished by their significant contribution within the global GDP itself. The Fourth Industrial Revolution Network was introduced to facilitate the establishment and growth of 500 national companies equipped with the technologies capable of effecting the promotion and adoption of advanced technologies in the nation. Furthermore, there are specific intitatives to attract and reward developers and there is even a Data Law, which is relevant in the backdrop of the growing concerns on data breaches and privacy protection. The initiatives include solutions to effect growth of local industry and to make it competent enough in the global market as well, by attracting investments and facilitating exports.

Green Visa and Freelancers Visa Introduced

The UAE is a preferred destination for expats, with rising opportunities across multiple sectors, the charm of the metropolis and the nation being a Tax haven, enabling the workforce to accumulate income and secure the future of their families. The expats bring in expertise from across the globe, bring in diversity and better work standards, while the nation helps them build their own futures and even their home countries’ futures. In a move that maybe lauded heavily by expats, enable them to find a home away from home in the UAE and find their place in the UAE Success Story, the UAE has launched a new “Green Visa” which also enables sponsorship of males till the age of 25 years. This was launched as a part of Projects of the 50, drawing on the success of the last 50 Years to chart out the success of the next 50. Green visas are work permits with residency. The UAE’s leadership announced the creation of a Green Visa for innovators, entrepreneurs, and other professionals, as well as freelancing visas for those who work on their own. People with a freelance visa will be able to work on their own. Green card holders can sponsor their sons’ visas till their boys reach the age of 25; a raise from the earlier limit of 18. Green card holders can support their parents as well. This came as a group of ministers and top officials gathered in Dubai to launch the first 50 new projects that will usher in the country’s next chapter of development. Apart from these other peripheral changes which might be significant as well, such as extension of business trip permit time from three months to six months.