Up to 200 “prominent” African investors will receive the UAE golden permanent residency visas under a new initiative launched in Dubai.
The ‘Be Part of Dubai’ initiative has been launched by the Dubai Chamber of Commerce and Industry in collaboration with the General Directorate of Residency and Foreigners Affairs (GDRFA) and Dubai Free Zone Council.
It aims to support ongoing efforts to attract and retain high net worth businessmen from Africa by providing them with an “easy and streamlined way to obtain long-term visa residency visas and significantly contribute to Dubai’s economy”, a statement said.
The initiative aims to improve investor confidence in Dubai by providing more certainty and flexibility for African investors and their families who plan to live or travel to Dubai.
It move is also expected to facilitate and boost investment flows between Dubai and Africa.
As part of the agreement, the three entities will work together to identify priority sectors for attracting investments to Dubai, in line with the emirate’s income diversification targets.
They will also familiarise African investors of the nature and scale of opportunities available in each sector, as well as with the incentives offered by the government of Dubai to enhance ease of doing business, the statement said.
The UAE launched the permanent residency scheme for expatriates in May.
Permanent residency will be granted to investors and “exceptional” professionals including doctors, engineers, scientists and artists, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said at the time.
The first batch of 6,800 recipients includes expats who have made total investments of over Dhs100bn.
Last week, Sheikh Mohammed announced that a total of 2,500 foreign nationals have received permanent residency in the UAE so far. The individuals include scientists, researchers and investors.
Gold card holders are granted a 10-year residency visa covering them and and their families (spouse and children) without the need for a sponsor, which will be automatically renewed provided all the conditions are met.
They can freely move in and out of the country and investors can also employ three workers and obtain residence for a senior employee, advisor or manager.