UAE Grants 6,800 Foreign Investors with Permanent Residency
United Arab Emirates (UAE) has granted 6,800 foreigners with permanent residence.
This is under the new program dubbed “Golden Card,” which seeks to favor foreigners who have invested a combined 100 billion dirhams ($27 billion) in the country.
The UAE Prime Minister Sheikh Mohammed Bin Rashid Al Maktoum said that only people with exceptional skills in medicine were granted the residency.
According to the program, various other skills will be considered among them engineering science and arts.
The practice to grant foreigners with permanent residence hasn’t been common with the Middle-East countries, a clear indication that things have started to take a new shape.
Saudi Arabia also launched a similar program in which they allowed permanent residency to people with specific skills, likewise Qatar.
It is believed that the changes have been brought about by the oil prices slump experienced in the year 2014 and hence the need to think of ways to invest in expats for a secure future.
The sharp fall of prices was similar in magnitude to the decline in 1985-1986, when OPEC members reversed earlier production cuts, and in 2008-2009 at the outset of the global financial crisis.
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