The UAE Cabinet's decision to award 10-year visas to professionals and 100
Essa Kazim, governor of Dubai International Financial Centre (DIFC) and chairman of DIFC Authority, said this decision marks a new phase in the development of the UAE's success story. Over the past decades, the government has established a strong foundation to catalyse the local economy and built state-of-the-art infrastructure to attract global investors. This has positioned the UAE as an international investment hub and an ideal destination for companies looking to grow.
"This new law will contribute to increasing transparency, quality of service and the adoption of international best
She pointed out that credit demand has been remaining weak, reflecting the challenges facing the economy. But such policies will support investment, bring wider economic growth and would have a positive impact on loan demand.
TA UAE central bank survey showed that the demand for personal loans decreased in the latest quarter and is expected to remain weak in the current quarter. However, demand for business loans rose moderately across the board in the January-March quarter, with the exception of the emirate of Abu Dhabi.
Central Bank data for Q1 2018 showed that gross credit grew by around 0.5
Malik said the new regulations, when implemented, would result in more consumer spending and savings in the country as people will be staying for a longer period.
"Saving will be beneficial for expats while increased domestic spending will be good for the financial industry," she added.
Promoth Manghat, CEO, UAE Exchange, said the 10-year visa focuses on researchers and IT professionals because the next wave of growth would come from these sectors. "We know the next wave of growth is not 1 or 2 years but 5 to 10 years," he added.
Naveen Sharma, chairman, Institute of Chartered Accountants of India, Dubai chapter, said the 10-year visa is a step in the right direction as it would help the UAE economy.
"Two years is a short period of time for a visa. If someone wants to make heavy investments, he wants medium to long-term visas to be able to take a longer view. In addition, this decision will generate new jobs and stabilise businesses too," he added.
He said one of the UAE's biggest advantages is that it is tax-free and hedge funds and insurance companies would set up base here because talent will stay here for a longer period.
Bangara hoped that when the final list comes out, the profession of chartered accountants would also be eligible for the 10-year visa.
Hamid Taylor, general manager of Abu Dhabi-listed Finance House, said the decision on granting 10-year residence visa to select categories of expatriates is an encouraging initiative to retain and attract