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Thu 23 May 2019 09:29 AM

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UAE gold card residency scheme to bolster economy, says Damac chairman

Experts have hailed the move as an important step in attracting entrepreneurs to the UAE

UAE gold card residency scheme to bolster economy, says Damac chairman
Hussein Sajwani said that he believes the programme will have an important effect on the UAE’s wider economy.

The UAE’s newly announced gold card residency scheme is a step towards a “strong sustainable economy”, according to Hussein Sajwani, the founder and chairman of Dubai’s Damac Properties.

The new system, which was announced by UAE Vice President and Prime Minister and Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum earlier this week, will see an initial batch of 6,800 people be granted new their new status.

In a statement sent to Arabian Business, Sajwani said that he believes the programme will have an important effect on the UAE’s wider economy.

“While the eligibility criteria of for the gold card are yet to be announced, the initiative will surely encourage more people to consider Dubai in their long-term investment and living plans,” Sajwani said. “The gold card programme will definitely heighten this interest, and we are looking forward to witnessing this as further details unfold.”

Sajwani added that “last year’s announcement of long-term visas has already generated increased interest globally and should visas be applicable to those expats who are at the point of considering Dubai as their home address, this will certainly influence their decision making.”

Encouraging entrepreneurs

Philippe Amarante, the head of Henley & Partners Middle East, a residence and citizenship planning firm, said that the programme will build upon the UAE’s previous successes in attracting international investment and talent.

“This move will take that success to the next level by encouraging small numbers of entrepreneurial and innovative leaders to consider the UAE as their home base,” he said.

“These skills sets are core to meeting the objectives of the 2030 vision, in particular diversifying the UAE economy and ensuring it is globally competitive,” he added.

Additionally, Amarante the policy will now allow entrepreneurs to lay personal and professional foundations in the country, which in turn will bring strategic long-term value to the UAE and help build ties with international and local partners.