UAE citizenship law to attract global talent and boost FDI
Picture used for illustrative purpose. File
The UAE has adopted law amendments that will allow granting Emirati citizenship to investors, specialised talents and professionals including doctors, scientists, engineers, artists, authors, and their families.
Imran Farooq, CEO, Samana Group told Gulf Today that this is a breakthrough announcement by the UAE leadership that the investor community has been looking for, as the permanent residency will enhance ease of doing business.
“The new amendment in the UAE’s citizenship law for foreigners will boost FDI and multi-lateral trade as well as it will have a positive impact on the banking sector.
“With this law the UAE offers an amazing lifestyle, easy of doing business, safe and clean environment. Citizenship was the only missing element to be the part of the country.
“UAE passport is one of the best passports in the world, which allows visa-free travel to 118 countries. Businesses who are based in the UAE can now expand their investment portfolios in the local as well as in international markets.
“Combined with massive vaccination drive, Expo 2020, the new visa regime and Emirati citizenship to foreigners are the strategic moves for the economic boom in the UAE,” Farooq concluded.
Rizwan Sajan, Founder and Chairman of Danube Group told this reporter that this is a game-changing initiative that will help reshape and re-energise the UAE in years to come. It also reflects the pragmatism of the visionary leadership of the UAE.
“It is the most exciting piece of news that we have come across in a long time. It will help us join hands with our Emirati friends in reshaping the future of this excellent nation, that we can call ours as well.
“The UAE has been a land of opportunities and has attracted talented professionals and entrepreneurs from all over the world that helped us - foreigners - not only to grow ourselves, but also to contribute to the UAE society and economy.
“Since 2019, the UAE has been actively considering expanding the visa regime to help retain highly talented professionals. In this connection, a 10-year Gold Visa was introduced.
“Today’s landmark announcement will attract global talent pool that will help the country in spearheading innovation that will take the UAE ahead of many other countries,” Sajan concluded.
Bilal Moti MRICS, Managing Director of Windmills Real Estate Valuation Services, said: Emirati Citizenship. What a pleasant, welcoming and historic announcement! It is the prodigious development of the century.
“We as residents have been believing for 3 generations that the UAE is our home. The announcement fulfills residents’ belief and feelings for this matchless country.
“The development will translate into a new era of social, technical and economic prosperity of the country by leaps and bounds,” Bilal concluded.
Sanjeevv Bhatia, CEO, SB Group & Netix Global BV, stated that the UAE is emerging as a standard bearer for tolerance and multiculturalism, following the Abraham Accord, broadening of personal freedoms and 100 per cent foreign ownership laws.
“The move to offer citizenship to eligible foreign nationals is another sign of the UAE’s inclusive policies.
“The new law will attract scientists, doctors, engineers, entrepreneurs and investors. But even more inspiring is the fact that talented individuals, intellectuals and artists are also eligible, signifying the enlightened and progressive society, the UAE of the future will be. An influx of world’s best talent will be a massive boom for the UAE’s real estate ecosystem as well.”
Chandra Dake, CEO, Dake Rechsand, said that for several years now, the UAE has presented unique opportunities to talented individuals from all over the world.
“The decision to allow dual citizenship will deepen these relationships and infuse even greater excellence, innovation and diversity of ideas, into every aspect of the UAE’s national discourse.
“Strategies like the circular economy, net zero emissions, reversing desertification, and many more breakthroughs, will transform our world, over the next few years. By attracting the world’s best talent, the UAE will further cement its position as a forward thinking and future-ready nation, and make the most of this transition into a new era for humanity,” Dake concluded.
According to Ms. Leena Parwani, Founder and CEO of LPH Financial Services, the landmark announcement will attract more and more talented professionals, scientists, innovators, investors and entrepreneurs to the UAE and help re-shape the country’s future. It is certainly going to boost stability, strengthen economic growth and help the UAE take a leadership role in global economy.
“This also reflects the wisdom and vision of the UAE’s leadership. It will retain the existing foreign talents who are already contributing to the UAE’s economy and society. Good thing is that the UAE will also allow the foreigners to retain their nationality,” Leena concluded.
