Dubai to offer 'Golden Residency Visas' to prominent businessmen

The Dubai Chamber of Commerce and Industry, Dubai Chamber, signed a Memorandum of Understanding (MoU), with the General Directorate of Residency and Foreigners Affairs (GDRFA), and the Dubai Free Zone Council to launch the "Be Part of Dubai" initiative, which will see prominent businessmen receive UAE Golden Residency Visas.

The MoU, signed at a launch ceremony held on the sidelines of the Global Business Forum Africa 2019 in Dubai, supports ongoing efforts to attract and retain high-net-worth investors from Africa by providing them with an easy and streamlined way to obtain long-term visa residency visas.

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 businessmen with the nature and scale of opportunities available in key economic sectors, as well as with the incentives offered to foreign investors in Dubai.

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 at a global level." Major General Al Marri said, "The department is working to implementing the vision of our wise leadership and support its initiatives, which are always a driving force for comprehensive and sustainable economic and social development."

Al Zarooni said, "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 the confidence of investors by providing them and their families with more flexibility in terms of livelihood and transportation. Initiatives such as this one help us achieve our goals of boosting the flow of foreign direct investments, strengthening the local market through increased demand, creating an enabling business environment, and driving growth across all sectors."

The strategic 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.

WAM