UAE to loosen visa rules for investors and innovators

UAE Cabinet announced an integrated visa system to attract investors and talent and 100% of global investors to companies by the end of the year. (WAM)
Updated 21 May 2018
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UAE to loosen visa rules for investors and innovators

  • UAE cabinet announces the launch of an integrated visa system to attract talent and talent in all vital sectors of the national economy
  • The Council also announced changes in the system of foreign ownership of companies in the country, which allows the acquisition of 100% of the global investors by the end of the year

DUBAI: The United Arab Emirates, home to financial hubs Abu Dhabi and Dubai, is loosening its residency laws and will grant long-term visas for up to 10 years to investors and highly-skilled professionals.
The 10-year residency visas will be granted to specialists in science, medicine and research, and to “exceptional students.” The state-run WAM news agency says the plan aims to attract global investment and innovators.
The UAE Cabinet approved the new rules on Sunday, saying plans are also on track to allow foreign investors 100 percent ownership of their UAE-based companies this year.
His Highness Sheikh Mohammed bin Rashid Al Maktoum affirmed that the UAE will remain a global incubator for exceptional talents and a permanent destination for international investors. “The UAE has been open, governed by tolerance and contributed to by all who live on its land.
“Our open environment, tolerant values, infrastructure and flexible legislation offer the best opportunities to attract international investment and exceptional talent in the UAE,” he said. “Our country is the land of opportunity, the best environment for realizing human dreams and unleashing their extraordinary potentials.”
The new regulations include raising the percentage of global investors’ ownership in companies to 100% by the end of the current year. He directed the Ministry of Economy in coordination with the concerned parties to implement the decision and follow up on its developments and submit a detailed study in the third quarter of this year.
The new regulations approved by the Council of Ministers and the authorities concerned have also set the procedures for implementing them to grant investors residence visas of up to ten years for them and all members of their families, as well as granting residency visas of up to ten years for specialized competencies in the medical, scientific, research and technical fields.
The new regulations also include visas for students studying in the country for five years and a 10-year residency for exceptional students.
Under current laws, foreign companies must have an Emirati owning 51 percent of the shares, unless the company operates in a free zone. Major brands Apple and Tesla are believed to be exceptions to the rule.


Tunisia tourism sector makes flying start to 2019

Updated 29 min 3 sec ago
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Tunisia tourism sector makes flying start to 2019

  • Influx of up to $262.6 million in hard currency revenues — an increase of 35.1 percent on last year

LONDON: Tunisia wooed more tourists in the first quarter of this year, which saw a 17.4 percent increase in arrivals compared to the same period in 2018, according to Tunisian Ministry of Tourism data quoted by Asharq Al-Awsat. 

The tourism sector saw an influx of up to 787.8 million dinars ($262.6 million) of hard currency revenues — an increase of 35.1 percent on last year, the newspaper reported.
Minister of Tourism Rene Trabelsi said that the tourism sector was boosted by arrivals from Europe, which rose around 22.3 percent.
After several years of shunning Tunisia in the wake of a gun attack on a beach in Sousse that killed 39 tourists and one at the Bardo National Museum in Tunis that killed 21, major European tour operators have started to return.
Arrivals from France increased 24.7 percent, while the Dutch market developed around 13.5 percent, it was reported.

 

Trabelsi expects more positive growth in the coming period, based on the bookings of global travel agencies. 
Tunisia seeks to attract 1 million French tourists, 640,000 Russian tourists, and 390,000 German tourists this season. It forecasts that it will host around 9 million tourists overall this year.
In 2018, Tunisia’s tourism revenues jumped to $1.36 billion as the country saw the arrival of a record 8.3 million visitors, according to data from the ministry.
The sector generates about 400,000 jobs and accounts for 8 percent of Tunisia’s gross domestic product (GDP).

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9m

Forecast number of tourist arrivals in Tunisia this year, up from 8.3 million last year in Sousse, Tunisia.