Chairman Yusuffali MA called the step 'revolutionary'
The UAE’s new long-term visa system and 100% foreign ownership law is a ‘revolutionary’ step that will attract and retain both talent and investors in the country, according to Yusuffali MA, chairman and managing director of UAE-based retail giant Lulu Group International.
On his official Twitter account, Yusuffali said the announcement will also result in a surge of global investor interest in the UAE.
This new long term visa, will go a long way in attracting and retaining not only investors but also top notch professionals who are very essential in today's highly competitive world. Salute to the visionary leadership of this great nation https://t.co/1ALu4As22Y— Yusuffali M. A. (@Yusuffali_MA) May 20, 2018
“A landmark announcement, sure to further boost UAE’s image as the most investor friendly economy in the region and 100% foreign ownership is a revolutionary step [that will] generate huge interest among global investors,” he said.
The complete ownership law was limited to companies based in UAE freezones, but is now extended to companies in other parts of the country.
Yusuffali also said the new visa law will help keep talent in the region. The UAE Cabinet said it is largely aimed at attracting international investors and high-skilled professional workers.
“This new long term visa will go a long way in attracting and retaining not only investors, but also top notch professionals who are very essential in today’s highly competitive world. Salute to the visionary leadership of this great nation,” said the chairman and MD.
The ten-year visa will be made available to investors in the UAE, as well as those who are specialists in medical, scientific, research and technical fields, as well as for all scientists and innovators.
A separate five-year residency visa will be made available to students studying in the UAE, and 10-year visas for "exceptional students".