Here’s how the UAE’s golden visa has made a positive impact

Launched in 2019 by the UAE government to attract and retain global investors and talent, the UAE’s Golden Visa scheme has not only helped establish the country’s global footprint but has had multiple positive implications for the country.

Here are just some of the key ways in which it has made a positive impact on the country.

Attracting global talent: The Golden Visa, as a long-term residency visa, has shifted temporary labour towards a more stable and diversified labour force, including white-collar workers, entrepreneurs, and more. The influx of skilled professionals and investors has contributed to a positive trickle-down effect across multiple industries, including healthcare, education, banking, media, and more.

Increased investment across several sectors: The Golden Visa has not only attracted investors in real estate but across several sectors, including the technology sector. To boost the crypto and fintech sectors, the UAE government has developed transparent rules and regulations to ensure user protection and compliance. For example, the Dubai Financial Services Authority (DFSA) and the Abu Dhabi Global Market (ADGM) help provide frameworks that encourage innovation. Establishment of Free Zones: Special economic zones like the

Increase in jobs: The increase in Dubai’s population can be reflected in the upward surge in the demand for housing. This, in turn, has led to increased investments in urban development, real estate, and construction. Across the commercial real estate sector, the demand for office spaces has triggered a gamut of new jobs including management, construction, and maintenance, related to support the real estate sector. It has also led to the demand for enhanced infrastructure for a better quality of life and overall connectivity across public transport, schools, recreational facilities, roads, hospitals, and more.

Retaining a long-term population: The UAE Golden Visa has also shifted the long-term prospects for expatriates and their families by offering them increased stability to establish roots in the UAE.  A diverse population comprised of expatriates from all over the world helps cement Dubai’s status as a global business hub, making it an attractive destination for multinational companies and start-ups as well as facilitating international trade. A stable and long-term population also helps stimulate business growth and expansion and also fosters networking, collaboration, and partnerships within multiple industries.

Long-term economic growth: The Golden Visa promotes an inflow of talent across multiple sectors which, along with continued investment, leads to sustainable economic growth. Soon, sectors such as green energy, organic farming, and technology may witness considerable growth as a direct result of a diverse, skilled workforce. Attracting entrepreneurs and business leaders to the country aligns with the UAE’s strategic goal to diversify its economy beyond oil dependence. Not only does the influx of entrepreneurs enable start-up innovation and activity but contributes to creating new job opportunities and economic diversification.