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.

Oil up on slowing pace of coronavirus, Venezuela sanctions

Updated 20 February 2020

Oil up on slowing pace of coronavirus, Venezuela sanctions

  • Financial analysts say epidemic is likely to deal a ‘short-term blow’ to global economy

LONDON: Benchmark Brent oil prices rose for a seventh consecutive day after demand worries eased with a slowing of new coronavirus cases in China and supply was curtailed by a US move to cut more Venezuelan crude from the market.

Brent was up 71 cents at $58.46 a barrel at 1510 GMT. The global benchmark has risen nearly 10 percent since falling last week to its lowest this year. US oil was up 53 cents at $52.58 a barrel.

“Those in doubt of the economic impact from the virus should take heed from Apple’s surprise sales warning ... Put simply, this is the surest sign yet of the coronavirus fallout on the global economy,” said PVM analysts in a note.

S&P Global Ratings said it expected coronavirus would deliver a “short-term blow” to economic growth in China in the first quarter, echoing findings by the International Energy Agency.

Official data showed new cases in China fell for a second straight day, although the World Health Organization said there was not enough data to know if the epidemic was being contained.

The oil market price structure is also showing signs that prompt demand for oil is picking up, as the front-month Brent futures market is moving deeper into backwardation, when near-term prices are higher than later-dated prices.

This week, oil prices were also buoyed by a US decision to blacklist a trading subsidiary of Russia’s Rosneft, which President Donald Trump’s administration said provided a financial lifeline to Venezuela’s government.

Hopes that the Organization of the Petroleum Exporting Countries (OPEC) and allied producers would deepen supply cuts also supported prices.

The grouping, known as OPEC+, has been withholding supply to support prices and meets next month to decide a response to the downturn in demand resulting from the coronavirus epidemic.

But in the US, which is not party to any supply cut agreements, oil production has been rising. US shale production is expected to rise to a record 9.2 million barrels a day next month, the Energy Information Administration said.