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
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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.


Shareholders of India’s Jet Airways approve debt-for-equity swap

Updated 23 February 2019
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Shareholders of India’s Jet Airways approve debt-for-equity swap

  • The plan will mean the lenders will have a bigger holding than any other shareholder
  • Currently, Chairman Naresh Goyal owns a 51 percent stake in the company and Abu Dhabi’s Etihad Airways owns 24 percent

MUMBAI: India’s Jet Airways said late on Friday that its shareholders approved a plan to convert existing debt to equity, paving the way for the troubled company’s lenders to infuse funds and nominate directors to its board.
Jet’s board last week approved a plan by lenders, led by State Bank of India, for an equity infusion, debt restructuring and the sale or sale-and-lease-back of aircraft.
The plan will mean the lenders will have a bigger holding than any other shareholder.
Currently, Chairman Naresh Goyal owns a 51 percent stake in the company and Abu Dhabi’s Etihad Airways owns 24 percent.
Jet, which had net debt of 72.99 billion rupees ($1.03 billion) as of end-December, has debt payments looming next month, according to rating agency ICRA. It has been unable to pay pilots’ salaries and has outstanding bills to aircraft lessors.
The company, India’s biggest full-service carrier, is struggling with competition from budget rivals, high oil prices and a weaker rupee. The share price took a beating in 2018, losing nearly 70 percent of its value.
In a regulatory filing, Jet said on Friday that 98 percent of its shareholders voted to increase the share capital to 22 billion rupees ($309.8 million) from 2 billion rupees at a special meeting.
Jet, whose financial woes are set against the backdrop of wider aviation industry problems, has been in the red for four straight quarters.