After Sunday's Cabinet meeting, His Highness, Sheikh Mohammed bin Rashid Al Maktoum announced allowing 100% ownership of UAE-based enterprises for global and international investors. Moreover, he declared that investors and specialists such as doctors and engineers will receive UAE residency visas valid for up to 10 years. The families of these categories of expatriates will also receive the same visa validity.
Following these tremendous decisions, Mr. Firas Al Msaddi, CEO of fäm Properties commented:
It will surely attract a specific segment of the market. In Dubai, the soft and hard infrastructure that has been built, combined with offering a secured 10 years visa, makes it far ahead of the game compared with any other leading cities in the world.
It is indeed undeniable evidence that the UAE’s leaders are on the move tirelessly to ensure that challenges are managed and reacted to with the right measures.
While it is great news for the market, what is far more important than the actual action of the new 10 years residency visa Rules is the fact that the government shows full awareness of the global and local market challenges and they are mindful of the need for timely reaction.
I don't see the leaders pausing in their efforts to introduce new measures until they ensure that investors’ confidence is back even stronger than before.