UAE ministers have announced the first set of bold strategic projects aimed at fostering the UAE’s new phase of growth – both domestically and internationally – and embarking on an ambitious growth strategy as the nation celebrates its golden jubilee and embarks on the 50 years to come.
The “Projects of the 50” is a series of developmental and economic projects that will be rolled out throughout September, which aim to accelerate the UAE’s development and consolidate into a comprehensive hub in all sectors and establish its status as an ideal destination for talents and investors.
In a press conference held on Sunday, UAE ministers and senior officials announced the first set of projects, which include new and amended visa schemes, comprehensive global campaigns to attract foreign investment, national initiatives to support emerging Emirati companies and boost the quality of national products, partnerships with major economies across the world, and programmes to support the applications of the Fourth Industrial Revolution in all sectors. All of these projects seek to establish the UAE as a global nation and a testbed for technologies and innovation.
The ministers and officials who spoke at the conference on Sunday were: His Excellency Mohammad Al Gergawi, Minister of Cabinet Affairs; His Excellency Dr Sultan Al Jaber, Minister of Industry and Advanced Technology; His Excellency Abdulla bin Touq, Minister of Economy; His Excellency Omar AlOlama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications; His Excellency Dr Thani Al Zeyoudi, Minister of State for Foreign Trade; Her Excellency Sarah Yousef Al Amiri, Minister of State for Advanced Technology; and His Excellency Saeed Al Eter, Chairman of the UAE Government Media Office.
Al Gergawi explained that the vision for the next 50 years is to make the UAE the global capital of investment and economic creativity, an integrated incubator for entrepreneurship and emerging projects, and an advanced laboratory for new economic opportunities. He stressed how the “Projects of the 50” provides impetus for investment in the digital and circular economies, and those based on the applications of artificial intelligence and the fourth industrial revolution.
He said, “Over the past five decades, the UAE has opened its doors, ports, skies and economic sectors to become a destination for all, and we will continue on this path as we establish a pathway for 50 more years of development and opportunity. ‘Projects of the 50’ presents to the world a unified economic and investment identity for the next developmental stage in the UAE, establishing an agenda for the next 50 years based on development and opportunity.”
‘Projects of the 50’ cover several key sectors including economy, entrepreneurship, advanced skills, digital economy, space and advanced technologies.
The series of development and economic projects aim to accelerate the UAE’s economic growth and diversification to ensure a decent life for its citizens and residents, enhance both the public and private sectors, and build a brighter future for the next generations.
Modernisation of visa and work permits
One of the key legislative changes being introduced as part of “Projects of the 50” is a restructuring of the entry and residency system, which is being upgraded to confirm the UAE’s position as an ideal destination for work, investment, entrepreneurship, education and life.
Among the package of new regulations is the introduction of the Green Visa, which expands the self-residency status to investors, entrepreneurs, highly skilled individuals, top students and graduates, and the federal freelancers visa for self-employed workers based in the UAE and overseas in specialised fields such as artificial intelligence, Blockchain and digital currencies.
The new regulations also include expanding the Golden Visa eligibility to include managers, CEOs, specialists in science, engineering, health, education, business management and technology, while the pathway has been smoothed for highly skilled and specialised residents, investors, entrepreneurs, scientists, pioneers, leading students and graduates.
New visa schemes include:
Green Visa, which distinguishes between work permits and residencies, enables highly skilled individuals, investors, entrepreneurs and top students and graduates to sponsor themselves. Green Visa involves:
- Sponsorship of young people until the age of 25 instead of 18
- Extending the grace period for leaving the country upon job loss or retirement to 90-180 days instead of 30.
- Sponsorship of parents
Freelancers Visa, which is the first federal scheme of its kind, and enables self-employers to sponsor themselves.
Other specific regulatory changes include:
- Extension of business trip permits from 3 months to 6 months
- Sponsorship of parents under the visa of direct family members
- One-year residency extension for humanitarian cases
- Extension of children’s age limit on parents’ residency from 18 to 25 years
- Extension of grace period upon job loss or retirement to 90-180 days
The measures have been introduced to enhance the competitiveness and flexibility of the UAE labour market, facilitate sector growth, spur knowledge transfer and skills development, and create greater stability and security for residents.
Comprehensive economic partnership agreements
As part of the efforts to consolidate the UAE’s position as a main gateway for global trade and investment, the UAE Government is undertaking comprehensive economic partnership agreements with eight key global markets around the world. The agreements aim to achieve an AED40 billion annual increase to the UAE’s current AED257 billion trade volume with these markets. The agreements fall under the UAE’s global economic partnerships strategy, which aims to double the size of the national economy from AED1.4 trillion to AED3 trillion over the next 10 years.
The countries with which deals were signed are distinguished by large markets that constitute 10% of the world’s GDP, with an economic exchange among these countries worth $80 billion. Besides being home to 26% of the world’s population, the eight countries possess large markets with high demand for goods and services, in addition to strong trade and economic relations in their respective regions.
The initiative will help develop the UAE’s network of trade and investment partners, ensure the flow and growth of Emirati trade with the world, and confirm the important role of the UAE in developing and facilitating global trade.
In conjunction, the UAE Government also approved the “Higher Committee for Economic Agreements” to oversee the expansion of partnerships with new markets and seize new investment and economic opportunities to sustain the growth of the national economy.
His Excellency Abdulla Bin Touq Al Marri, Minister of Economy, was appointed as the committee’s chairman, while His Excellency Suhail Mohamed Al Mazrouei, the Minister of Energy and Infrastructure, has been appointed as the vice chairman. Committee members are: His Excellency Sultan Al Jaber, Minister of Industry and Advanced Technology; His Excellency Obaid Al Tayer, Minister of State for Financial Affairs; His Excellency Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade; His Excellency Ali Al Neyadi, Commissioner (Chairman) of Federal Customs Authority; His Excellency Khaled Mohamed Balama, Governor of the UAE Central Bank; His Excellency Khaldoon Khalifa Al Mubarak, member of Abu Dhabi’s Executive Council, Founding Chairman of the Executive Affairs Authority of the Government of Abu Dhabi and Group CEO of Mubadala; and His Excellency Abdulla Al Basti, Secretary General of The Executive Council of Dubai.