With this scheme, the UAE and its leaders have once again demonstrated their faith in the strength that inclusivity and knowledge bring to the table.
It was clear from the day His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai, unveiled the ‘golden card’ permanent residency scheme in May that it was going to be a watershed policy that has been designed to have a positive impact on the country’s fortunes on several levels.
From investors and entrepreneurs to bright minds and professionals, the scheme is clearly the new gold standard in attracting the crme de la crme of expats to the UAE.
And it is heartening to note that, in less than two months after being announced, the scheme is already yielding results, propping up confidence in the local real estate.
A remarkable 8 out of 10 respondents to a recent survey by Lootah Real Estate Development said that, following the introduction of the golden card scheme, they were considering expanding their investment portfolio in the UAE. That’s a thumping vote of approval for the visa, which is set to be received by 6,800 people from 70 countries. Last week, the Dubai Land Department, in partnership with General Directorate of Residency and Foreigners Affairs, granted five-year golden visas to 20 real estate investors and their families. Each of these 20 beneficiaries has invested Dh5 million or more in the Dubai property market, with their combined investment topping Dh200 million according to the official statement. The pride and delight on the faces of those receiving the visa was a testimony to the love and affection that expats have for the UAE, their chosen home.
Now the fact is that these 20 individuals may have decided to make that Dh5 million or more investment many moons ago, but they now not only have been deservedly recognised as preferred partners in the country’s growth, but will also feel empowered enough to make further investments and grow deeper roots in the UAE, emboldened as they will be by a sense of belonging to this great nation. The confidence, conviction, and credence emanating from this scheme won’t be limited to just those who receive the golden card – the move will help hundreds and thousands of others to gain that confidence while planning their future in the UAE. This scheme is bound to attract the next generation of the likes of M.A. Yusuffali, B.R. Shetty, Ronaldo Mouchawar, and Mudassir Sheikha to the UAE.
And why just entrepreneurs and investors, with the golden card recipients also set to include outstanding students, talented professionals, high-salaried executives, and exceptional workers in the fields of medicine, engineering, science and art, the scheme is all set to make the UAE even richer in terms of the knowledge base. With this scheme, the UAE and its leaders have once again demonstrated their faith in the strength that inclusivity and knowledge bring to the table. Knowledge, after all, is power, and this scheme is set to make the UAE an even more powerful knowledge economy. It is not only helping the country prop up its real estate sector – one of the integral pillars of the economy – but, along with a slew of other measures announced recently, also catalysing the economic diversification programme. And therein lies the foresight of the planners and the inclusive nature of the scheme. It is the gift that keeps on giving.
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