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Government officials stated that Emirates plans to attract US$150 billion in foreign direct investment in the next nine years.
Government officials stated that the United Arab Emirates plans to launch 50 new economic initiatives to improve the country’s competitiveness and attract 550 billion dirhams (150 billion U.S. dollars) in foreign direct investment over the next nine years.
Some of these projects were announced on Sunday, including investing in technology and creating new visas to attract residents and skilled workers.
The Gulf countries have taken a number of measures in the past year to attract investment and foreigners to help the economy recover from the effects of the COVID-19 pandemic.
These changes also occurred at a time when the economic competition with Saudi Arabia, the neighboring Gulf country, became the region’s trade and commercial center.
Sultan al Jaber, Minister of Industry and Advanced Technology, said at a media briefing that in these projects, the UAE and the UAE Development Bank will invest 5 billion dirhams in industrial technology and technology-intensive industries.
“The driving force for the UAE for the next 50 years is to become a global player in different industries,” Sarah al-Amiri, Minister of State for Advanced Technologies, told Reuters.
“This region is the target we have been aiming for for the past five years. Now we are working to ensure that many of our industries are globally competitive.”
Officials said on Sunday that two new visa categories will be created-one for freelancers and one for entrepreneurs and skilled workers-to attract and retain foreigners with ideal skills.
Foreigners in the UAE usually hold renewable visas valid for only a few years, which are related to employment.
Officials said that the new “green visa” for skilled workers will have more flexibility in sponsoring family members and allow more time to find a new job after a job is over.
Last year, the UAE extended the “golden” visa system that grants 10-year residency to more categories, and Dubai stated that this move could boost the emirate’s economic growth by as much as 1%.
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