Dubai: The UAE cabinet on Monday approved the regulatory framework for issuance of five and 10-year UAE residence visas to certain categories of applicants.
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai has announced on Twitter that the regulatory framework to start issuing long-term residence permits for investors, entrepreneurs, innovators and specialised talents is now in place. Departments in the UAE will now start receiving applications, he tweeted on Monday.
“The UAE has been and will remain a destination for talents... and a land to fulfill the dreams of all pioneers", Shaikh Mohammad added in the tweet, as part of his announcements following a cabinet meeting held at the Presidential Palace in the capital on Monday.
In the meeting chaired by Shaikh Mohammad, the cabinet also approved a National Space Strategy 2030 for the country - with projects in space research, science, manufacturing, servicing and testing.
The UAE Cabinet approved a long-term visa system for investors, entrepreneurs, specialised talents and researchers in the fields of science, knowledge and outstanding students to facilitate business and create an attractive and encouraging investment environment for the growth of business for investors, entrepreneurs and professional talents.
The decision aims to maintain the position of the UAE as an optimal business environment. The visa benefits also include the spouse and the children to ensure a cohesive family and social structure and to create a stimulating environment for stability and growth.
The provision defines two categories for investors:
- Investors in a property of a value of Dh5 million or more will be granted a residence for five years.
- Investors in public investments through a deposit, an established company, business partnership of Dh10 million or more, or a total investment of not less than Dh10 million in all areas mentioned - as long as non-real estate investments are not less than 60 per cent of the total investment - will be granted a renewable residency visa every 10 years.
The decision also includes the terms to grant long-term visa to two categories of entrepreneurs:
- Those having a previous project with a minimum of Dh500,000, or having the approval of an accredited business incubator in the country.
- Entrepreneurs will be granted a five-year visa with a possibility for upgrading to an investor’s visa provided they meet the requirements.
The benefits of the entrepreneurial visa cover entrepreneurs, partners, three executive directors, spouse and children. The entrepreneur is allowed entry into the country for six months, multiple-entry visa period, with renewal for another six months.
For professional talents
The decision also includes provisions for granting a 10-year visa for specialised talents and researchers in the fields of science and knowledge for doctors, specialists, scientists, inventors and creative individuals in the field of culture and art.
The visa also covers the spouse and children.
All people categorised as professional talents are required to have a valid employment contract in a specialised field, which is of priority to the UAE. Depending on this field, the requirements can include a doctorate degree, publications or global organisation memberships etc.
UAE Cabinet approves National Space Strategy 2030
Abu Dhabi: The UAE Cabinet, chaired by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has adopted the National Space Strategy 2030 during its meeting at the Presidential Palace in Abu Dhabi.
The Cabinet meeting was attended by Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
Shaikh Mohammad asserted that the UAE has established an economic powerhouse and advanced infrastructure by young Emirati talents, which enabled it to be at the forefront of the space exploration industry today. "Last year we celebrated the launch of the first satellite fully built by young Emirati engineers, and in the very near future we will see them operating international space technology centres, based in the UAE. We will see Emirati cadres, highly skilled and specialised in space science, achieving scientific breakthroughs that serve the entire humanity," He said.
He further added, "We are investing in the space industry, with ambitious projects and initiatives that will benefit our citizens and contribute to key sectors of the national economy. This is an important milestone for our country, and we are aiming to become a model for countries seeking to launch ambitious space programmes."
The National Space Strategy aims at achieving UAE's vision in the field of space exploration, technologies, and applications. It also constitutes one of the pillars of the regulatory framework for the space sector in the country which consists of four components: National Space Policy, Space Sector Law, Space Regulations, and National Space Strategy.
The UAE seeks to establish a major global hub for space science and technology, through investing in building capabilities and creating a scientific, legislative and financing environment that is stimulating and attractive for space projects.
The strategy sets the general framework for UAE's space industry and activities for the years 2030, including government activities related to space, commercial and scientific activities carried out by public and private sector operators and academic institutions and research and development, R&D centres.
The Cabinet spoke about raising awareness about the importance of the space sector among the Emiratis youth and the importance of enhancing the role of advanced national research and development centres. The UAE possesses today four specialised centres in the research and development of space, all of them have manufacturing capabilities, and where Emiratis represent more than 50 per cent of the workforce, with more than half of them being women.
The National Space Strategy includes 6 objectives, 21 programmes and 79 initiatives, which translate into focus areas and programmes benefiting more than 85 entities in the UAE. The Emirates Space Agency is responsible for following up the implementation of the strategy in cooperation with strategic partners and more than 20 agencies and space centres abroad.
On a different topic, the Cabinet adopted the decision to regulate and develop the services of the residency and ports affairs sector by organising the issuance of residence permits to investors, entrepreneurs, innovators and human talents in order to stimulate the business environment in the UAE. The decision aims to create an attractive environment for investment in line with the UAE's position as a top destination to investors and visitors.
In the organisational and governmental affairs, the Cabinet approved the formation of the Financial Activities Committee, which is mandated to consider cases related to financial activities that are referred to it by the regulatory authorities, and to study any proposal or opinion to regulate any financial activity other than those mentioned in the laws.
The Cabinet approved the signing on a number of international treaties to enhance international cooperation with the global community.