finance news

UAE gov unveils plans to boost economy and attract skilled workers

UAE gov unveils plans to boost economy and attract skilled workers
UAE gov unveils plans to boost economy and attract skilled workers

Officials from the government of the United Arab Emirates have reportedly announced that it is planning to launch fifty new economic initiatives over the coming nine years in order to enhance the nation's economic competitiveness and also attract 550 billion dirhams ($150 billion) in the form of foreign direct investment.

Some of the projects, which were announced on Sunday, involve investments in technology and the creation of new visas to bring in more potential residents and high-skilled workers. Over the course of the past year, the Gulf state rolled out numerous steps to attract foreigners and investment in order to give its economy a much needed boost to recover from the impacts of the coronavirus pandemic.

The new initiatives also coincide with the nation’s increasing economic rivalry with its Gulf neighbor, Saudi Arabia, to become the region’s main business and trade hub.

During a press conference, Minister of Industry and Advanced Technology, Sultan al Jaber, stated that the Emirates Development Bank and UAE would spend 5 billion dirhams on technology-heavy industries and industrial technology.

On the same page, Minister of State for Advanced Technology, Sarah al-Amiri, stated that The UAE's goal for the next 50 years is to establish itself as a global player in a variety of industries.

Minister Sarah added that the government has been aiming towards the region for the last five decades. However, the UAE government is now working to make sure that many of its areas are globally competitive.

Officials announced on Sunday that two new visa categories, one for freelancers, and one for skilled employees and entrepreneurs, will be introduced to recruit and retain foreigners with coveted skills.

Usually, foreigners in the UAE renewable visas that are only valid for a few years and are linked to their employment. According to officials, the new “green visa” for skilled employees will provide greater flexibility for sponsoring family members and extra time to find a new job once one employment ends.

Last year, the UAE expanded a golden visa scheme that gives 10-year long residency to additional categories, something that Dubai claimed might increase economic growth by up to 1%.

Source credit: https://www.aljazeera.com/economy/2021/9/5/uae-announces-plans-to-boost-economy-attract-workers

 

About the author

Sunil Jha

Sunil Jha has been a part of the content industry for close to two years. Having previously worked as a voice over artist and sportswriter, he now focuses on writing articles for newsorigins.com, across a slew of topics, ranging from technology to trade and finance. With a business-oriented educational background, Sunil brings forth the expertise of deep-dive research and a strategic approach in his write ups.