UAE launches economic investment plan and relaxes laws

this United Arab Emirates A major plan to stimulate the economy and relax strict residence laws for foreigners was announced on Sunday as the country seeks to overhaul its finances and attract foreigners resident And capital.

The country’s plan to attract foreign talent reflects the growing protectionist contrast with other oil-rich economies in the Persian Gulf. Although the reforms promised by many UAE ministers remained vague at the press conference, their intention to increase spending and relax laws to attract more residents after the pandemic damage was clear.

Economy Minister Abdullah Bin Touk promised that the UAE government will invest approximately US$13.6 billion in the economy next year. He has provided a lot of investment opportunities for countries to increase the speed of development by 10% in the next few years.

“We are confident that these projects, with the support of investment, will enable ( UAE) One of the most capable economies in the world,” he announced at the government’s first large face-to-face press conference since the pandemic.

The UAE has linked employment with residency status for many years since its independence, giving employers great powers and forcing people to leave the country immediately after losing their jobs. The new plan gives residents more time to find other jobs after termination, allows young people over the age of 15 to get a job while living with their parents, and allows widows and divorced couples to live without visa restrictions in the country. Take longer.