UAE: Dubai’s Golden Card to Boost Economy by 1 Percent

UAE: Dubai’s Golden Card to Boost Economy by 1 Percent

Dubai's economy will get a boost of up to one per cent from the 10-year golden visa residency scheme launched to attract foreign direct investment as well as best human capital into the UAE and more categories will also be added in the future, Dubai Economy said on Monday.

An analysis conducted by the corporate strategic affairs department in Dubai Economy found that when all stages of granting golden residency to different groups are completed, economic growth rate in Dubai is likely to increase between 0.25 per cent and one per cent, driven largely by domestic demand and investment.

In June 2019, the UAE government had announced that 6,800 investors and professionals based in the UAE, who hold around Dh100 billion in assets and hail from 70 countries, to receive the golden visa.

On November 15, 2020, the UAE expanded the list of professionals who are eligible for the long-term visa. It included all doctors, all engineers specialized in computers, electronics, programming, electricals, electronics and active technology can get the long-term residency visa. In addition, people who get high score (3.8 or more) in approved universities will also get the golden visa.

The golden residency will also open new markets and horizons in various