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.

China flags up UAE as Silk Road mega-hub with $300m port deal

Updated 11 min 44 sec ago

China flags up UAE as Silk Road mega-hub with $300m port deal

  • Cosco has invested an initial $300 million in CSP Abu Dhabi Terminal
  • The expansion plan foresees a capacity of 9.1 million TEU by 2023

ABU DHABI: China, the world largest trading nation, has thrown its weight behind Abu Dhabi as the Middle East hub for its Belt and Road Initiative (BRI) in an alliance with the UAE capital’s Khalifa Port.

Cosco, the Shanghai-based, state-owned group that ranks among the biggest shipping companies in the world, has invested an initial $300 million in the CSP Abu Dhabi Terminal, the first step in an investment program that could help make it one of the biggest ports in the Arabian Gulf over the next five years. Additional investment is pledged.

The expansion plan foresees a capacity of 9.1 million TEU (20-foot equivalent units, the standard measurement in the global container industry) by 2023. Jebel Ali, just 50 km away in Dubai, is currently by far the biggest port in the region with capacity of 22.1 million TEU.

China’s BRI is a state-sponsored strategy to enhance land and sea trading infrastructure in Asia, the Middle East and Africa via multibillion-dollar investments in trading hubs across the eastern hemisphere.

The Cosco-Abu Dhabi deal was unveiled at a ceremony at the port attended by prominent UAE and Chinese leaders.

Sheikh Hamed bin Zayed Al-Nahyan, chief of the Abu Dhabi Crown Prince Court, said: “China and the UAE share a strong and long-standing bond across a variety of ties, including economic, cultural, and trade and investment, and a common vision of a stable and prosperous future for our peoples and the world.”

He Jianzhong, China’s deputy minister of transport, said: “(The) terminal is the latest major achievement from China and the UAE’s joint efforts to implement ‘the 21st-century Maritime Silk Road’ in the ports and shipping industry.”

The deepwater, semi-automated container terminal includes the largest container freight station in the Middle East, covering 275,000 square meters.

“The state-of-the-art facility offers facilities for full and partial bonded container shipments, the full range of container packing services, short-term warehousing for deconsolidated cargo, as well as easy connectivity with container terminals in Khalifa Port,” a joint statement said.

The terminal has a design capacity of 2.5 million TEU and will begin with a handling capacity of 1.5 million TEU, with 1,200 meters of quayside. The water depth of the terminal is 16.5 meters, allowing it to accommodate mega-vessels typically carrying in excess of 20,000 TEU.

Ning Jizhe, deputy director of China’s National Development and Reform Commission, a state planning organization, said: “This inauguration ceremony is not only a milestone in the cooperation of China’s ‘Belt and Road Initiative,’ but also a good start for China and the UAE’s pragmatic cooperation in other key areas.”

Trade ties have been growing between China and the UAE since a visit by Abu Dhabi Crown Prince Mohammed Bin Zayed Al-Nahyan to Beijing three years ago. Chinese President Xi Jinping visited the UAE last summer.

The deal with Cosco is aimed at attracting foreign investment into the UAE via the Khalifa Industrial Zone of Abu Dhabi (KIZAD), the huge logistics and manufacturing zone that borders the port.

China’s BRI is one of the most ambitious infrastructure projects in history, but has been criticized by some observers for leaving the partners of Chinese companies in debt.