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.


Samsung delays Galaxy Fold media events in China

Updated 22 April 2019
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Samsung delays Galaxy Fold media events in China

  • Instead of plaudits ahead of the phone’s launch on April 26 in the US, Samsung has instead received brickbats
  • The hashtag #foldgate trended on Twitter because of the smartphone issues

SEOUL: Smartphone maker Samsung postponed media events for its Galaxy Fold planned for this week in Hong Kong and Shanghai, a company official said, days after reviewers of the foldable handset reported defective samples.
The official did not elaborate on reasons or rescheduling.
Instead of plaudits ahead of the phone’s launch on April 26 in the United States, the South Korean conglomerate has been blighted by technology journalists reporting breaks, bulges and blinking screens after using their samples for as little as a day.
Samsung said it received “a few” reports of damage to the displays of samples of the $1,980 handset, raising the specter of the combustible Galaxy Note 7 three years ago which the firm ultimately pulled from shelves at massive cost.
The reviewers’ reports of broken screens went viral online and prompted the creation of hashtag #foldgate on Twitter.
Samsung has hailed the folding design as the future in a field that has seen few surprises since Apple’s iPhone in 2007. Chinese rival Huawei Technologies has also announced a folding handset, the Mate X.
The Samsung official on Monday said it had no change to its previously announced release date in the United States.
It plans to begin South Korean and European sales in May, and Chinese sales from an undisclosed date.