By Sam Bridge
Dubai Chamber, General Directorate of Residency and Foreigners Affairs and Dubai Free Zone Council announce Be Part of Dubai initiative
Dubai Chamber of Commerce and Industry has announced an agreement with the General Directorate of Residency and Foreigners Affairs (GDRFA) and Dubai Free Zone Council to launch the Be Part of Dubai initiative which will see prominent African investors receive UAE Golden Residency Visas.
The MoU, signed on the sidelines of the Global Business Forum Africa 2019 in Dubai, supports ongoing efforts to attract and retain high net worth businessmen from Africa by providing them with an easy way to obtain long-term visa residency visas and significantly contribute to Dubai’s economy, a statement said.
It added that the initiative aims to improve investor confidence in Dubai, by providing more certainty and flexibility for African investors and their families who plan to live or travel to Dubai.
The partnership agreement was signed by Hamad Buamim, president and CEO of Dubai Chamber, Major General Mohamed Ahmed Al Marri, director general of GDRFA, and Dr Mohammed Al Zarooni, secretary general of Dubai Free Zones Council.
As part of the agreement, the three entities will work together to identify priority sectors for attracting investments to Dubai, in line with Dubai’s income diversification targets.
They will also collaborate to familiarise African investors of the nature and scale of opportunities available in each sector.
Buamim said: “This strategic agreement supports Dubai’s strategic vision to diversify its economy, cement its status as a preferred destination for foreign direct investment and enhance its economic competitiveness on a global level."
Al Zarooni added: “The Be Part of Dubai initiative aligns with our efforts to attract high-net-worth individuals to Dubai who can make a significant contribution to the emirate's economy, in addition to enhancing investors’ confidence through providing them and their families with more flexibility in terms of livelihood and transportation.”
Last week, it was announced that Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has so far granted golden residency visas to 2,500 scientists, researchers, doctors, and innovators.
The fifth edition of GBF Africa, which closes on Tuesday, brings together heads of state, minister, policymakers, business leaders, investors, entrepreneurs and industry experts from Africa and the UAE.