Updated: 9/5/2021 5:08 AM
DUBAI, United Arab Emirates (AP) – The United Arab Emirates on Sunday announced a grand plan to boost its economy and liberalize tough residency laws for expatriates as the country seeks to overhaul its finances and attract foreign residents and capital.
The country’s plan to attract foreign talent reflects a growing contrast with the Persian Gulf’s other oil-rich economies, which are becoming increasingly protectionist. Although many of the Emirates ministers’ promised revisions remained vague at a press conference, their intentions to increase spending after the devastation of the pandemic and to relax laws to attract more residents were clear.
Economy Minister Abdulla bin Touq promised that the Emirati government would pour around 13.6 billion US dollars into the economy next year. He set out a number of investment opportunities for countries to increase development by 10% in the coming years.
“We are confident that these investment-support projects will make (the UAE) one of the most capable economies in the world,” he announced at the government’s first major personal press conference since the pandemic.
The United Arab Emirates have been resident employment for years since it gained independence, which gives employers an overwhelming power and forces people to leave the country as soon as they lose their jobs. The new plans will give residents more time to find another job after they are quit, allow young people over the age of 15 to take up employment while living with their parents, and allow widows and divorced couples to stay longer in the country without visa restrictions Life.