German economy powers ahead as trade, investments drive Q3 growth

German Chancellor Angela Merkel, center, arrives for talks about a possible new government coalition between her Christian Union parties block, CDU/CSU. with the Green Party and the Free Democratic Party, FDP, at the Reichstag building in Berlin, Germany, Tuesday, Nov. 7, 2017. (AP/Markus Schreiber)
Updated 14 November 2017
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German economy powers ahead as trade, investments drive Q3 growth

BERLIN: German economic growth accelerated in the third quarter as buoyant exports and investment propelled the expansion in Europe’s largest economy, the Federal Statistics Office said on Tuesday.
Seasonally adjusted gross domestic product (GDP) rose by 0.8 percent on the quarter, the data showed. This was stronger than the consensus forecast of 0.6 percent in a Reuters poll and marked an increase from the 0.6 percent in the second quarter.
The economy grew by 2.3 percent on the year in the third quarter, unadjusted data showed. This was in line with a consensus forecast.
Adjusted for calendar affects, the yearly growth rate rose to 2.8 percent in the July-September period from 2.3 percent in the previous quarter, the office said. This was the strongest reading since the beginning of 2014.
The figures give Chancellor Angela Merkel a tailwind as her conservative bloc tries to forge a tricky three-way coalition government with the pro-business Free Democrats (FDP) and the left-leaning Greens, an alliance untested on a national level.


UAE gives 6,800 investors permanent residency under new ‘Golden Card’ system

Updated 21 May 2019
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UAE gives 6,800 investors permanent residency under new ‘Golden Card’ system

  • Permanent residency will be granted to foreign investors after they invest a combined $27 billion in the Gulf state
  • The UAE cabinet also approved providing renewable 10-year visas to foreigners with investments in the UAE of at least 10 million dirhams

DUBAI: The United Arab Emirates said on Tuesday it will grant 6,800 foreign investors permanent residency under a new “Golden Card” system after they invested a combined 100 billion dirhams ($27 billion) in the Gulf state.
Typically, foreigners have renewable visas valid for only a few years, often tied to employment, but the government announced plans last year to ease its visa policy.
“We launched a new ‘Golden Card’ system to grant permanent residency to investors and exceptional doctors, engineers, scientists and artists,” Sheikh Mohammed bin Rashid Al-Maktoum, the ruler of Dubai and the vice president and prime minister of the UAE, said in a tweet on Tuesday.
“The first batch of 6,800 investors with 100 billion dirhams worth of investments will be granted the ‘Golden Card.’“
In May last year the Gulf Arab state announced plans to grant long-term permits to investors, senior scientists and entrepreneurs, in an effort to support its economy and real estate market, which had been hurt by low oil prices, but had not mentioned the Golden Card.
Economic growth has slowed since a slump in oil prices in 2014 and white-collar professionals are seeing stagnant or even falling employment.
“The permanent residency ‘Golden Card’ will be granted to exceptional talents and everyone who positively contributes to the success story of the UAE,” Sheikh Mohammed said his tweet.
Last year, the UAE cabinet also approved providing renewable 10-year visas to foreigners with investments in the UAE of at least 10 million dirhams, if non-real estate assets account for at least 60 percent of the total. Investors can bring spouses and children into the country.
It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.