Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the United Arab Emirates (UAE), and ruler of the Emirate of Dubai, has announced the launch of permanent residency for investors and special talented individuals in a number of sectors that enhance the economy's ability to cope with the pace of the rapid transformation.
"We have launched the Emirates Gold Card Scheme, a permanent residence for investors and exceptional competencies in the fields of medicine, engineering, science and all arts, in a move aimed at enhancing the business climate and attracting investment to the country" Sheikh Mohammed bin Rashid said.
Sheikh Mohammed revealed that the first installment of the "Gold Card" includes 6800 investors with a total investment of about 100 billion dirhams ($27.2 billion).
According to the data, the UAE population is 10 million, of whom about 90 percent are foreigners. The move represents a major shift in the regulations of the Gulf states, which usually adopt the sponsorship system and give the foreigners limited stays.
He concluded: "the Permanent Residence in the UAE will be granted to the outstanding individuals and talents and to anyone who contributes positively to the success story of the UAE, we want them to be our permanent partners in our journey."
Source: (Al-Arab Al-London Newspaper, Edited)
