The UAE Council of Ministers, headed by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has approved steps to allow foreign investors to acquire 100% UAE-based companies by the end of the year.

This decision is part of a broader change to the system that includes granting 10-year residence visas to investors, to them and to all members of their family. In addition to granting residence visas of up to ten years for specialized competencies in the fields of medicine, science, research and technics and all scientists, creators and engineers. The new regulations also include visas for students studying in the UAE for 5 years and a 10-year residency for exceptional students.

The directives of the Council of Ministers also include a review of the residency system to extend the residence permits for the dependents of their parents after completion of their university studies to provide facilitations for the students and their families and to give them the opportunity to study their future practical options for residency in the UAE.

Sheikh Mohammed Bin Rashid called on the Ministry of Economy to coordinate with the concerned parties to implement the resolution and follow up on its developments and to submit a detailed study by the third quarter of this year.