Staff Report
The UAE’s decision to grant permanent residency to investors is a great initiative by the visionary leadership of the UAE and it will attract long-term residents, investors and world’s best talent in diverse fields in addition to boost the size of the UAE’s economy, businessmen and entrepreneurs have said.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Tuesday, announced permanent residency scheme Golden Card, which will be granted to qualifying investors, entrepreneurs, professional talents, researchers in various fields of science and knowledge, and outstanding students.
Yusuffali MA, chairman and managing director of Lulu Group, said: It is a great initiative by the visionary and pragmatic leadership of the UAE to boost confidence and a sense of belonging. This landmark reform will help the nation further enhance its image as a sought after global investment haven.
Dr. B R Shetty, founder and chairman, BRS Ventures, NMC, Finablr and NeoPharma, said: It’s a progressive measure that will promote sustainable economic growth and development. The move will help the UAE attract and retain the right talent while building an active investor base, thus elevating it to preferred business and residential destination.
Shailash Dash, financier and entrepreneur, said: This is very good and much-awaited news after we heard the Saudi announcement. The UAE govt has taken several bold and very timely economic decisions to help stabilise and bolster the economy. I think today’s news will help attract a significant amount of capital and skilled resources if the policy is implemented properly.
Andreea Danila Dash, Founder & Managing Director, Millennial Capital, said: This decision to announce permanent residency for investors and talented individuals will undoubtedly have a highly positive effect on the GDP growth of the country. The gold card will invite more professional individuals and versatile talent into the region along with attracting the interest of investors interested across various sectors. Being an entrepreneur, I am eager to see the different opportunities that this change brings up.
“When they initially announced the long term 10-year visa for investors, the country instantly saw a rise in the real estate market. I am sure a permanent residency will attract a lot more attention due to the stability now available which is one key aspect an investor would look for in an economy,” Danila Dash said.
Dr Azad Moopen, founder chairman and managing director, Aster DM Healthcare, said: this initiative has been a long-felt desire of the expat community to stay here permanently as many of them consider UAE as home.
Kamal Vachani, group director, Al Maya Group, said: “We are indeed very delighted for the Golden Card scheme. This is great news and it will help attract investments and retain talented people who have contributed to the growth and development of the UAE.”
Dr. Dilshaad Ali, CEO, Avivo Group, said: This is wonderful news for the residents of the UAE who have and continue to contribute to the growth and prosperity of the nation. The Golden Card will provide an opportunity for greater wealth creation and for investors and professionals to further consolidate the country’s position as an attractive business and knowledge hub.
Shan Saeed, Chief Economist, IQI Global Malaysia, said: It’s an excellent initiative from His Highness Shaikh Mohammad. This will bring in more sophisticated and smart investors to Dubai. Dubai, with its modern infrastructure and world-class lifestyle, will usher in. This will really provide a boost to the real estate market in the short and long run.
“Infrastructure, real estate, tourism and logistics would be the major industries to benefit from this strategic move. Moreover, UAE is now an important player in the Belt and Road equation initiative by China. Dubai will continue to remain on global investors’ radar due to its strategic geography. Dubai is the New York of GCC.”
Imran Farooq, Group CEO of Samana Group, said the permanent residency will strengthen Dubai’s position globally and play a key role in attracting larger investment.
Laurent A. Voivenel, senior vice-president, operations and development for the Middle East, Africa and India for Swiss-Belhotel International, believes that this initiative will facilitate greater investment and growth of business in the UAE as well as attract outstanding talent.
Sofya Shamuzova, CEO of Stars Dome Group and Outlet Mall, said following the welcome move of the 10-year visa, this was something that most business professionals saw on the horizon of things to come.
