UAE unveils new visa, investment plans

It rolls out flexible ‘green visa’ for skilled workers, allows more time to find jobs

The United Arab Emirates announced on Sunday a major plan to stimulate its economy and liberalize stringent residency rules for foreigners, as the country seeks to overhaul its finances and attract visitors and investment. The nation's plan to lure foreign talent over the next decades reflects an emerging contrast with the other sheikhdoms of the Persian Gulf that are growing increasingly protectionist as they try to diversify their oil-bound economies. Now marking its 50th anniversary, the UAE is seeking to accelerate its economic and social reforms to rebrand for a post-pandemic future. Portraying the country as a liberal, bustling trade and finance hub, the government promised to pour $13.6 billion into the economy in the next year and $150 billion by 2030. Specific projects have yet to be announced, but $1.36 billion has been earmarked for Emirates Development Bank to support the industrial sector.