The Abu Dhabi Residents Office’s (ADRO) announcement regarding exclusive commercial benefits for Golden Visa holders will further stimulate the capital’s economy by increasing its liveability attractiveness and strengthening its startup ecosystem, industry stakeholders told Arabian Business.
Part of the Abu Dhabi Department of Economic Development (ADDED), ADRO, along with its strategic partners, recently unveiled benefits such as discounts on automotive, housing, healthcare, hospitality and banking for its10-year residency visa holders.
“The focus on improving the lives of residents goes hand-in-hand with the leadership’s economic diversification strategy. As Abu Dhabi actively supports the growth of the private sector with the continued development of our world-class innovation ecosystem, the government is making certain, through initiatives like the Golden Visa, that businesses can continue to attract more top talent from across the world to help fuel their long-term success,” said Mohamed Al Dhaheri, acting executive director, Business Enterprise, Abu Dhabi Investment Office.
“Ensuring that residents are well-assimilated and comfortable contributes to the success of businesses and in turn, the economy. The exclusive benefits announced by the Abu Dhabi Residents Office (ADRO) for Golden Visa holders enhance Abu Dhabi’s offering, making the emirate even more attractive for those who chose to build their long-term future here,” he added.
“The benefits accelerate community integration by opening up new lifestyle and entertainment possibilities through financial offers and savings on real estate, cars, healthcare, dining, hospitality etc. In addition to encouraging Golden Visa holders to strengthen their roots in Abu Dhabi, the benefits serve to stimulate the economy by promoting consumer spending and boosting businesses,” said Al Dhaheri.
Implications of Abu Dhabi’s golden visa benefits for its star-up ecosystem
This comes in with a slew of other business-friendly initiatives that Abu Dhabi has introduced, including the cancellation of 20,000 requirements to set up businesses in the capital and incentives for startups.
“The rollout of benefits to Golden Visa holders is the latest in a series of measures that will encourage entrepreneurs to make the UAE the base for their business and their home life. Other recent announcements that will encourage entrepreneurs more generally include the Emirates Development Bank’s $8.2billion support scheme, the reduction of requirements to set up a business by 71 percent, and cuts to business set-up fees by more than 90 percent. This is on top of changes to the foreign ownership rules, companies’ law and liabilities provisions,” said Ramesh Jagannathan, NYU Abu Dhabi research professor of engineering and startAD managing director.
“Moving forward there is more work to do done around liabilities, and I’m sure the UAE is looking at some of the latest business-friendly policies that are working in other markets but there’s no doubt the measures we have seen to-date are already working,” he continued.
“What’s even more exciting is that the Golden Visa is also offered to high-performing university and high-school students, and will cover their parents and dependent siblings. This means we have the right ecosystem for delivering innovation and a fast growing talent pool to make best use of these opportunities,” added Jagannathan.
The announced benefits include offers by global brands. In automotive, Golden Visa holders will see prices slashes on car models, and will be given priority booking for new releases, payment facilities, maintenance offers, and licensing services.
In hospitality, ADRO has announced a list of destinations that include offers on stay, dining, spa treatments, gyms and other facilities.
On the health insurance front, Golden Visa holders get reduced premiums on annual health insurance plans for families and individuals, with diverse network coverage and bundle of benefits inside and outside the UAE.
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