Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has unveiled new residency laws in a bid to nurture and protect the presence of professionals in the UAE, according to the state WAM news agency.
Sheikh Mohammed outlined the changes in a cabinet meeting yesterday. The new regulations will see doctors, engineers, scientists and those working in technical and research fields to be eligible for ten-year residency visas.
“Exceptional” students would also be entitled to the extended ten-year stay in the country. At present, students need to renew their visas annually.
In addition, sweeping changes are being made to investment rules in the UAE and it is expected that investors will be allowed to hold 100% of shares in a company. Currently, a firm needs to be based in a free zone for this to be the case, otherwise a local partner is required to own 51% of the shareholding.
Sheikh Mohammed stated, “The UAE will remain a global incubator for exceptional talents and a permanent destination for international investors.”
The oil and gas industry in the country requires thousands of engineers and scientists with specific and unique skill sets. It is hoped the new laws will provide a boost to the recruitment and retention of key workers.
