UAE announces 10-year Blue Residency visa

The UAE’s allowance of 100% foreign ownership of companies and more flexible visa arrangements to contribute to surge in both capital and talent inflow

The rare feat of Dubai top ranking global greenfield FDI (foreign direct investment) projects attraction in 2023 for the third successive year will act as a major confidence booster for investors, triggering increased capital flows into the UAE, driving up asset prices and stimulating economic activity nationwide, industry experts said.

This, along with the recent 10-year Blue Residency Visa, will provide fresh stimulus to boost the city’s real estate and technology sectors, besides the influx of global talent.

Dubai’s FDI success will resonate in global financial markets, signalling the UAE’s robust economic prospects and fostering further investor confidence,” Damian Hitchen, CEO at Saxo Bank MENA, said.

“Dubai’s consistent ranking as the top global destination for FDI projects also reflects positively on its reputation as a stable and lucrative investment hub,” he said.

Hitchen said the impressive performance of Dubai in attracting FDI will serve as a catalyst for a fresh round of influx of investment, not only fuelling the emirate’s economic expansion but radiating across the UAE, spurring growth in various sectors and bolstering job creation.

Arun Leslie John, Chief Market Analyst at Century Financial, said Dubai is highly attractive to international investors due to its straightforward company formation process, which typically takes just a few days.

Free zones like Meydan offer fully developed entrepreneurial environments equipped with all the essential services to support businesses and promote their growth.

The UAE’s initiative of 100 percent foreign ownership of companies and more flexible visa arrangements have contributed to the increase in both capital and talent inflow,” he said.

Blue Residency Visa’s effect on the real estate sector

The UAE announced Blue Residency Visa earlier this week has also created a major buzz across the UAE’s industry sectors, particularly the real estate and technology, with experts expecting a new round of surge in talent flow into the country, triggering job creation and demand for housing.

The 10-year ‘Blue Residency’ visas are to be granted to individuals who have made extraordinary contributions to environment protection, whether in marine life, land-based ecosystems, or air quality, sustainability technologies, the circular economy, or related fields.

Shubham Hunda, Founder and Managing Partner of Money Plant Real Estate, said this initiative presents a unique opportunity for developers and investors to align their projects with global sustainability goals, benefiting both the environment and the economy.

“This will place Dubai on the sustainable map, attracting like-minded individuals who can further enhance our city’s reputation as a global hub for sustainable development,” he said.

Sachin Kumar Singh, Business Head and Managing Partner at Foremen Fiefdom, said the move on the Blue Residency visa could help investors look into sustainability trends in the real estate segment, promoting greener technologies and scope for growth.

“We look forward to welcoming more environmentally-conscious residents to our communities,” he said

Date: 17 May, 2024

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