"Emaar has played an integral part in shaping the property sector and overall economy of Dubai," said Emaar Chairman Mohammad Al Abbar. Image Credit: Gulf News Archive

Dubai: UAE-based property developer Emaar has denied reports that it is planning to grant a multi-year residence visa to its investors.

An Arabic newspaper reported on Tuesday that according to a source, the company intends to provide a 10-year residence visa to those who invest in some of its real estate developments.

According to the report, those who acquire a property in certain developments, such as Dubai Creek, Arabian Ranches 2 and Emaar Beachfront, among others, can benefit from a long-term visa.

The move is said to be in accordance with a government decision a few months back to entice skilled workers, as well as investors, with long-term residence visas.

“Emaar refutes the report by a section of the media that it will provide 10-year visas to investors,” the company said in a statement sent to Gulf News.

“The issuance of visas falls under the purview of the concerned authorities and Emaar does not have any role regarding the same.

“This is to clarify any misunderstanding that might have been created by the said reports.”

The property developer has lanched a number of luxury residential communities, including those located in Dubai Creek Harbour, Downtown Dubai and Emaar Beachfront in Dubai Marina.

The UAE announced sweeping new reforms last May, which include 100 per cent foreign ownership in companies and long-term residence visas for skilled workers.