The 50 years of the United Arab Emirates are fast approaching, marking the Golden Jubilee. On this occasion, the country stands ready to celebrate its achievements and congratulate those who made them possible as well as all future generations who are preparing to maintain progress over the next five decades.
On Sunday September 5th, a national conference was held where the UAE announced the first set of 50 new projects and initiatives that will be unveiled later this month.
The “Projects of the 50” is a series of development and economic projects that will be rolled out throughout the month of September, which aim to accelerate the development of the United Arab Emirates, consolidate them into a complete pole in all sectors and attract talent and investors from around the world.
Some projects in the fields of economy, entrepreneurship, digital economy, space and advanced technologies have already been revealed last Sunday.
One of the major announcements was the charter of 10 principles called the “Principles of the 50” namely:
- Strengthening the union
- Build the best and most dynamic economy in the world
- The end goal of politics is to serve the economy, while the end goal of economy is to provide the best life for the people of the UAE
- Developing education and attracting talent is the key to maintain the UAE’s excellence
- Good-neighbourliness is the basis of stability
- The UAE is one united economic, tourist and industrial destination
- The digital, technical and scientific excellence of the Emirates will define its development and economic frontiers
- The core value system in the UAE shall remain based on openness and tolerance, the preservation of rights, the rule of justice and the law
- Political disagreement with any country should not justify failing to provide relief to that country in cases of disasters, emergencies and crises
- Calling for peace, harmony, negotiations and dialogue to resolve all disputes is the basis of the UAE’s foreign policy
Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the United Arab Emirates announced the launch of a new type of visa ‘the green visa’ aimed at entrepreneurs, investors, highly qualified people, the best students and graduates.
People with this new visa will be able to sponsor themselves.
The big news is the possibility of sponsoring sons up to the age of 25 (compared to 18 before) as well as a grace period of 90-180 days to stay in the country once their visa has been canceled due to ” job loss or retirement.
This visa also allows you to sponsor your parents as well.
The full criteria, including how and when the visa will be available, have not yet been revealed.
Another visa called Freelancer has also been launched. This visa is made for self-employed people based in the UAE and abroad in specialized fields such as artificial intelligence, blockchain and digital currencies.
As regards the Golden visa, are now eligible: CEOs, managers, specialists in science, engineers, health, education and technology.
Other changes should be taken into consideration:
- Extension of business travel authorizations from three months to six months
- Sponsorship of parents under the visa of family members
- One year extension of residence for humanitarian cases
All of these measures have been introduced in order to improve the competitiveness and flexibility of the UAE labor market, facilitate the growth of the sector as well as granting greater stability and security to residents.
Also new, teenagers aged 15 and over will be allowed to work part-time for the first time!
This temporary work permit would allow them to get a part-time job and get a foothold in the world of work, without interrupting their studies.
RELAXATION OF LAWS ON RESIDENCE
Widows and divorced women will soon be able to stay longer in the UAE without visa restrictions.
Instead of a 30-day grace period, they will be able to continue in the country for an entire year.
AT INDUSTRIAL LEVEL
New initiatives to support the growth of the local industrial sector were unveiled by Dr Sultan Al Jaber, Minister of Industry and Advanced Technologies, as well as Sarah Al Amiri, Minister of State for Advanced Technologies.
The recently launched 5Bn project will be allocated a budget of AED 5 billion to support UAE projects in priority sectors and is part of the UAE Development Bank’s April 2021 allocation of AED 30 billion to assist accelerate industrial development, adopt cutting-edge technologies and support entrepreneurship and innovation by 2025.
The Emirati government has also launched ‘Tech Drive’, a 5 billion AED program to support the adoption of advanced technologies in the industrial sector.
THE NEW DATA LAW
The UAE is also set to unveil a new data law that will ensure the privacy of individuals and international businesses, revealed Omar Al Olama, Minister of State for Artificial Intelligence, Digital Economy. and remote work applications.
This new law gives individuals the freedom to control how their personal information is used, stored and shared, and in a way that supports the preservation of the privacy of individuals and institutions in the country.
Al Olama also announced that the country is redoubling its efforts to attract more coders. “The first step was to announce 100,000 visas to programmers and coders,” he said.
He announced the “100 programmers per day” project, a project that is expected to add 3,000 programmers per month to the national economy, reaching 100,000 programmers in 12 months.
The country is specifically seeking to increase the number of women in the sector, with the goal of “having the highest number of coders per capita in the world.”
The agreements are part of the UAE’s Global Economic Partnership Strategy, which aims to double the size of the national economy from AED 1.4 trillion to AED 3 trillion over the next 10 years.
The country has also launched three initiatives to stimulate foreign direct investment:
- The 10 × 10 program aims to achieve an annual increase in the country’s exports of 10% in 10 key markets: China, UK, Netherlands, Italy, Russia, Poland, Luxembourg, Australia, New Zealand and Indonesia.
- A new electronic portal – invest.ae – has been launched to serve as an umbrella for all local investment related entities and 14 state economic entities and will present all investment opportunities across the UAE. The portal will also provide information on the local investment environment, as well as bank and business account opening services. It will also highlight entrepreneurial successes.
This electronic platform is designed to introduce the UAE to major international corporations and unicorn companies (billionaire companies) and encourage the world’s leading sovereign wealth funds to channel investments to the country. It will also facilitate the identification of investors unable to invest in their own country, open communication with them and encourage the transfer of their investments to the United Arab Emirates.
- The United Arab Emirates will host the Emirates Investment Summit to connect investment funds with the public and private sectors to attract AED 550 billion over the next nine years. The summit is scheduled for the first quarter of 2022.
More projects aimed at boosting the economy will be revealed during the month.
More details on these measures: https://uaenext50.ae/?page_id=75&lang=en
If these new measures speak to you, it is time to contact our team to explore the possibilities for setting up your business in the United Arab Emirates.
We are open and ready to receive you from Sunday to Thursday from 9 a.m. to 6 p.m. in our offices in the center of JLT: Goldcrest Executive, office 1005 – Cluster C, JLT.