New UAE citizenship law: Attracting new investments to re-energize national economy

AFZ

New UAE citizenship law: Attracting new investments to re-energize national economy

In an unprecedented move, the UAE Government has opened its doors to foreigners who are aspiring to acquire Emirati citizenship. It is a historic – game-changing reform in its citizenship law, and it is expected to bolster the growth rate of a country aiming to establish its global leadership across all fronts.

 

Such a reform will bring enormous benefits to expatriates who have successfully acquired the status. Eligible to apply under specified conditions are investors, doctors, scientists, inventors, artists, intellectuals, specialists, talents, and their families. One of the salient features of the new law is allowing dual citizenship, which means foreigners and their families can become Emiratis without losing their original citizenship.

 

Many, especially residents who have been based in the UAE for a long time, have welcomed the latest rule. It has bolstered investors’ confidence in the country, shifting their short-term view on investments in the UAE to the long term. Foreign direct investment (FDI) inflows into the UAE are seen to flourish, as investors are expected to take advantage of the change that will also bring in new and highly qualified talents.

 

The Emirates is a land of immense business and investment opportunities. This makes it highly attractive to global investors who are looking to carve a niche in the key and priority industries - such as finance and real estate - of the UAE and its neighbouring Gulf states.

 

Ajman Free Zone is one of the UAE’s most preferred and busiest business hubs. A number of investors from different parts of the globe currently operate in the free zone thanks to its capabilities to provide companies across sectors with the right facilities and cost-effective solutions coupled with a range of benefits and incentives.

To date, more than 9,000 companies from over 160 countries are based in the free zone. The number will only accelerate with the new citizenship rule.

The expected high volume of FDI inflows combined with the country’s entrepreneurial spirit will undoubtedly bring the country to the next level of development and significantly increase its global competitiveness.

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