Business community jubilant on UAE visa move

Inayat-ur-Rahman, Senior Staff Reporter

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE  and Ruler of Dubai, has launched the ‘Golden Card’ scheme to grant permanent residency benefits to investors, entrepreneurs, specialised talents, researchers, and outstanding students.

The Golden Card offers unprecedented benefits to the cardholders and their families, while creating an attractive environment for business and growth.

The business community has warmly welcomed this great move. Dr B. R Shetty, Founder and Chairman, BRS Ventures, NMC, Finablr and NeoPharma told Gulf Today that the Golden Card permanent residency scheme for investors, meritorious and talented people is a progressive measure that will go a long way in promoting sustainable long-term economic growth and development.  

“The programme will help the UAE attract and retain the right talent while building an active investor base, thus elevating it to a preferred investment and residential destination,” he added.

Dr Azad Moopen, Founder Chairman and Managing Director, Aster DM Healthcare mentioned that the announcement by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to issue permanent residency to selected expat investors living in the UAE is a commendable milestone.

“It has been a long-felt desire of the expat community to stay here permanently as many of them consider the UAE as home. The issue of Golden Card assuring permanent residency is a huge leap forward in line with the Green Card in US and PR Cards in Australia & Singapore. The ability to get a Permanent Residency will prompt people from many countries to come to the UAE and establish business. This will in turn improve the economy and increase employment opportunity."

Osama Al Rahma, Vice Chairman of Foreign Exchange and Remittance Group (FERG) and CEO of Al Fardan Exchange, told this reporter that the UAE has always attracted people who are looking to build their future and want a great quality of life for their loved ones. The permanent residency scheme will be very encouraging for the expat community in the country and will reinforce their confidence in the country’s governance and booming economy.

Promoth Manghat, Group Chief Executive Officer, Finablr noted that the Golden Card permanent residency scheme announced by HH Sheikh Mohammed is an acknowledgement to the expatriate community for the role they have played in the growth and progress of the UAE. “The scheme will play a strong role in attracting talent and FDI further stimulating entrepreneurship and economic growth.”

Dr Dilshaad Ali, CEO, Avivo Group mentioned that this is wonderful news for the residents of the UAE who have and continue to contribute to the growth and prosperity of the nation.

“The Golden Card will provide an opportunity for greater wealth creation and for investors and professionals to further consolidate the country›s position as an attractive business and knowledge hub.”

Shailash Dash, financier and entrepreneur stated that this was a very good and much awaited news after we heard the Saudi announcement. “The UAE govt has taken several bold and very timely economic decisions to help stabilise and bolster the economy. I think today›s news will help attract significant amount of capital and skilled resources if the policy is implemented properly.”

Andreea Danila Dash, Founder & Managing Director, Millennial Capital, said: “This decision to announce permanent residency for investors and talented individuals will undoubtedly have a highly positive effect on the GDP growth of the country. The Gold Card will invite more professional individuals and versatile talent into the region along with attracting the interest of investors interested across various sectors. Being an entrepreneur, I am eager to see the different opportunities that this change brings up.

“When they initially announced the long-term 10-year visa for investors, the country instantly saw a rise in the real estate market. I am sure a permanent residency will attract a lot more attention due to the stability now available which is one key aspect an investor would look for in an economy."  

Atif Rahman, Director and Partner of Danube Properties: “The UAE›s new ‘Gold Card’ for permanent-visa residents will help to get more foreign direct investment and will boost FDI investment in the UAE, especially in the real estate sector as it is one of the strongest industries in this region."

Shan Saeed, Chief Economist, IQI Global Malaysia, said: “It’s an excellent initiative from His Highness Sheikh Mohammed. This will bring in more sophisticated and smart investors to Dubai. This will really provide a boost to the real estate market in the short and long run. Infrastructure, real estate, tourism and logistics would be the major industries to benefit from this strategic move."