UAE eases residency rules in bid to lure $150bn in foreign investment

UAE eases residency rules in bid to lure $150bn in foreign investment

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The United Arab Emirates has launched 50 economic initiatives aimed at making the country more competitive as it seeks to diversify its oil-dependent economy, including a drive to attract $150bn in overseas investment within nine years.

Ministers unveiled some of the reforms — which form the Gulf state’s Projects of the 50 programme that marks its golden jubilee — on Sunday. They include liberalising residency rules to attract and retain skilled workers; the emirates have for decades tied residency to employment, triggering expatriate departures during economic downturns. 

The UAE, which was founded in 1971, will also host a global summit next year to highlight investment opportunities with the aim of drawing $150bn into domestic projects by 2030, ministers said.

“Over the past five decades, the UAE has opened its doors, ports, skies and economic sectors to become a destination for all,” said Mohammad al-Gergawi, minister of cabinet affairs. “Projects of the 50 presents to the world a unified economic and investment identity for the next developmental stage.”

The measures announced on Sunday include new visa categories for freelancers and entrepreneurs, allowing skilled workers greater flexibility in sponsoring family