PNC Menon said a large number of Indian and Asian businessmen and entrepreneurs will flock to Dubai
The UAE’s surprise announcement that it will allow full foreign ownership of companies and grant-long term visas to select investors and professionals is a “revolutionary” move that will likely lead to a massive inflow of Indian capital, according to Sobha Group chairman PNC Menon.
Speaking exclusively to Arabian Business this week, Menon said that he believes the greatest value of the rule changes will be increased confidence that will lead to more investors coming to the UAE.
“All sorts of businesses will benefit. A tremendous amount of capital will flow in, especially from India and East, as well as Africa,” he said.
“A lot more business houses in India will have a very serious presence here.
"I’m not saying it will happen overnight, but this will definitely give a boost to Indian entrepreneurs, especially large ones doing more than $500 million in business,” he added.
In his remarks, Menon also said he believes that the large inflow of capital expected following the move will lead to the UAE, particularly Dubai “needing more residential spaces”.
Menon’s remarks were echoed last week by a number of real estate experts such as Faisal Durrani, partner and head of research at Cluttons.
“Longevity of residence for expats is going to be a game changer as the population’s historically transient nature gives way to semi-permanency,” Durrani said.
“The move…will also contribute to more stable and sustainable demand for residential and commercial property from domestic buyers.”