To encourage business growth, the UAE cabinet has approved 100% ownership of businesses by foreign nationals. To further attract the right talent, a new 10-year visa has also been introduced, according to reports in WAM.
"The UAE will remain a global incubator for exceptional talents and a permanent destination for international investors," said His Highness Sheikh Mohammed bin Rashid Al Maktoum.
The new visa system will grant up to 10-year residency visas to investors and talented individuals such as specialists in medical, scientific, research and technical fields, as well as for all scientists and innovators.
Five-year residency visas for students studying in the UAE, and 10-year visas for exceptional students are also being considered. The current residency system will be reviewed to extend the residency time for the dependent students after completing their university studies. This will give them the opportunity get exposure in the domestic industry while considering future options. (Source: WAM).
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