The UAE Minister of Economy, Abdullah bin Touq, announced on Sunday that $13.6 billion will be invested next year in the properties that make up the state, as part of a major plan to boost development by 10%. In the coming years, attract talent and capital. The initiative also includes investments of $150 billion through 2030 and the relaxation of residency laws for expatriates.
“We are confident that these investment support projects will make the UAE one of the most efficient economies in the world,” Bin Touq said at the government’s first major in-person press conference since the pandemic began. The ministers also said they intend to double the UAE’s economy over the next decade through major trade agreements with countries such as Israel, Turkey, the United Kingdom and India. The seven emirates that make up the federation of the United Arab Emirates are Abu Dhabi, Dubai, Xarja, Ajmã, Umm al-Quwain, Ras al-Khaimah and Fujairah.
This announcement marks the fiftieth anniversary of the founding of the United Arab Emirates, which seeks to accelerate economic and social reforms for a post-pandemic future. “We are building a new economy for 50 years,” Bentouq said at the press conference. “Anyone who tries to be more conservative and close their markets (will get) value only in the short term. In the long run they will hurt their economies,” the economy minister said.
The plan to attract foreigners contrasts with the policy of other oil-rich economies in the Persian Gulf, which are increasingly protectionist. Although many of the reforms promised by Emirati ministers remained vacant during the press conference, it was clear the intent to increase spending in the face of the damage caused by the pandemic and to relax laws to attract more residents to the country – which receives workers. From Africa and the Middle East, among other regions.
“We want to rebuild the entire system so that the housing system will attract people and make them feel that the UAE is their home. The openness is something we are proud of,” Bin Touq said.
The UAE, since its independence in 1971, has linked jobs to residency status, forcing workers to leave the country once they lose their jobs. The new plan gives residents three more months to look for another job after dismissal, allows parents to sponsor visas for children up to 25 and makes visas more flexible for self-employed people, widows and divorcees, among other points.
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