The UAE is reportedly considering granting long-term golden visas for businesses, including 10-year golden licences and five-year silver licences, as part of the Gulf state’s broader strategy to boost government revenues, attract investments and bolster growth.

The proposal to introduce new regulations for trade licences in the UAE was discussed during the inaugural 2024 Economic Integration Committee on Wednesday, according to Dubai-based daily newspaper Gulf News.

The new trade licences are expected to increase government revenue, ensure business continuity, and promote economic growth, in line with the “We are the UAE 2031” vision. The UAE already offers golden visas to foreigners.

Meanwhile, the proposed trade licences follow the introduction of the golden licence scheme in Bahrain, which offers benefits to companies and has attracted large-scale investment projects to the kingdom.

Earlier in March, the Bahrain Economic Development Board said the country’s golden licence scheme attracted $2.4bn in investments from nine major projects, which are expected to create 3,000 job opportunities.

Read: Bahrain: Golden licence initiative attracts $2.4bn in investments