UAE approves visa system for investors, entrepreneurs

Qualifying individuals could be in the frame for a longer-term UAE visa under a new scheme approved by the Cabinet. (Shutterstock)
Updated 25 November 2018

UAE approves visa system for investors, entrepreneurs

LONDON: Investors, entrepreneurs and other professionals will be able to live and work in the UAE long-term under a new visa system approved by the government, it emerged on Saturday.
The country’s Cabinet approved the new system, which will also be open to outstanding students and specialists in fields such as science.

It follows a previous decision to grant residency visas of up to 10 years for certain individuals. The visas will allow an individual to sponsor their spouse and children, according to a statement by the UAE state news agency WAM.

Under the new system, investors buying property worth 5 million dirhams ($1.36 million) or more will be granted a residence for five years, while certain investors pumping more money into the economy will be granted a renewable residency visa every 10 years.

The move by the Cabinet outlined certain conditions that must be met, such as that they must retain their investments for at least three years and that the investment must be fully owned by them, rather than bought
with loans.

Under the new system, entrepreneurs will be eligible for a five-year visa with the possibility of upgrading to an investor’s visa provided they meet certain requirements. In this category, entrepreneurs should either have a project worth 500,000 dirhams, or have the approval of an accredited business incubator in the UAE. 

Executives of “leading, well-known and internationally recognized companies” will also be eligible to apply for long-term visas under the scheme, WAM reported.

‘Huge increase’ in crude prices not expected: IEA executive director

Updated 19 July 2019

‘Huge increase’ in crude prices not expected: IEA executive director

  • The International Energy Agency is revising its 2019 global oil demand growth forecast down to 1.1 million barrels per day
  • IEA’s Fatih Birol: Serious political tensions could impact market dynamics

NEW DELHI: The International Energy Agency (IEA) doesn’t expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets, its executive director said on Friday.
“Prices are determined by the markets ... If we see the market today, we see that the demand is slowing down considerably,” said IEA’s Fatih Birol, in public comments made during a two-day energy conference in New Delhi.
The IEA is revising its 2019 global oil demand growth forecast down to 1.1 million barrels per day (bpd) and may cut it again if the global economy and especially China shows further weakness, Birol told Reuters in an interview on Thursday.
Last year, the IEA predicted that 2019 oil demand would grow by 1.5 million bpd. But in June this year it cut the growth forecast to 1.2 million bpd.
“Substantial amount of oil is coming from the United States, about 1.8 million barrels per day, plus oil from Iraq, Brazil and Libya,” Birol said.
Under normal circumstances, he said, he doesn’t expect a “huge increase” in crude oil prices. But Birol warned serious political tensions could yet impact market dynamics.
Crude oil prices rose nearly 2 percent on Friday after a US Navy ship destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows.
Referring to India, Birol stressed the country could cut its imports, amid rising oil demand in the country, by increasing domestic local oil and gas production.
Prime Minister Narendra Modi had set a target in 2015 to cut India’s dependence on oil imports to two-thirds of consumption by 2022, and half by 2030. But rising demand and low domestic production have pushed imports to 84 percent of total needs in the last five years, government data shows.
Meanwhile, the IEA doesn’t expect a global push toward environmentally friendly electric vehicles can dent crude demand significantly, Birol said, as the main driver of crude demand globally has been petrochemicals, not cars.
He said the impact of a serious electric vehicle adoption push by the Indian government would not be felt immediately.