UAE’s pragmatic decisions pay rich dividends - GulfToday

UAE’s pragmatic decisions pay rich dividends

UAE Economy

The photo has been used for illustrative purposes.

The Cabinet’s decision to offer 100% foreign ownership in 122 economic activities across 13 sectors is a path-breaking initiative that will definitely help reaffirm UAE’s position on the global arena as a hub for investment and usher in a new era of growth and prosperity in the country, besides creating large-scale employment opportunities.

The decision is perfectly well timed especially considering the uncertainties prevailing in the global market.

The benefits are immense for the investors as the decision provides them with an opportunity to acquire various shares in a number of economic activities including the production of solar panels, power transformers, green technology, and hybrid power plants.

Areas of foreign ownership also include transport and storage, which allows investors to own projects in the field of e-commerce transport, supply chain, logistics, and cold storage for pharmaceutical products.

That’s not all. The Cabinet’s decision includes other areas of ownership by foreign investors, including hospitality and food services, information and communications, as well as professional, scientific and technical activities, thereby allowing for ownership in laboratories for research and development in biotechnology.

Several visionary initiatives in the recent times by the UAE government, like the Gold Card residency, have already boosted the morale of the business community.

On May 21, the UAE began issuing long-term residence visas enabling foreign investors and talents to live, work and study in the UAE without a sponsor and with 100 per cent ownership of their business. These visas are issued for five and 10-year durations and are also renewable.

Tourism too has been receiving a big boost thanks to various new measures.

Beginning Monday, July 15, 2019, the Federal Authority for Identity and Citizenship, ICA, will exempt dependents under the age of 18 from visa fees during the summer season.

Children accompanying their parents for tourism purposes to the UAE will be exempted from visa fees between July 15 and September 15, as per the UAE Cabinet decision issued last year.

Tourists visiting the UAE during the summer season will benefit immensely from the exemption.

In October 2014, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, launched the National Innovation Strategy with the aim of making the UAE one of the most innovative nations in the world within seven years.

Innovation is key to promoting economic growth, increasing competitiveness and providing new job opportunities. The UAE invests billions of dirhams each year in innovation, most of which is spent on research and development.

Recognising the power of technology, the country has also been advancing its stature in the area of global competitiveness in the telecommunications sector, by taking the lead in adopting 5G technology.

Incidentally, Etisalat is the first telecommunications operator in the Middle East and North Africa to launch a 5G network investing in the future of connectivity via its infrastructure network, driving innovation and digital transformation within the country and the region.

Etisalat was also the first operator to have a fully developed commercial 5G network available to provide gigabit Internet services to its customers.

On another front, the country is all geared up for the largest event ever to be held in the Arab World, Expo 2020 Dubai, which is expected to record 25 million visits.

Visionary and timely decisions are what have made the UAE one of the world’s most favourable destinations for people across all sectors.

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