The UAE intends to invest in the economy and liberalize residency laws to attract foreigners

On Sunday, the country’s finance minister promised that the government would invest about $13.6 billion in the economy over the next year. Other ministries in the UAE have submitted various government reviews.

In addition, the UAE Minister of Economy said that the UAE expects growth to exceed 4% in 2021, which is a higher growth rate than previous forecasts.

The central bank had forecast growth of 2.5 percent in December. Economic growth contracted by about 6% in 2020, according to estimates by the International Monetary Fund.

The UAE is looking to create more than 30,000 jobs next year, Abdullah bin Touq told Bloomberg in an interview on the sidelines of an event where the government outlined plans to reposition itself as a global financial and business hub.

For years, since independence, the UAE has linked employment to residency status, giving employers enormous power and forcing people to leave the country once they lose their jobs. The new plans give residents more time to look for other jobs after layoffs, allow young people over the age of 15 to find work, and allow others to join their families more easily in a seven-elders union.

Officials said at a news conference on Sunday that the Gulf state will expand its economic ties with countries such as South Korea, Indonesia, Kenya, Ethiopia and Turkey.

One of the most significant inward investments in recent years was Uber Technologies Inc’s acquisition of UAE-based private transportation company Careem in 2019 for $3.1 billion. This deal sparked interest from regional and international venture capital firms, and the desire to support startups in the Middle East has grown in recent years, driven by the rapid adoption of mobile technologies in the region.

See also  The evolution of the financial framework between physical and digital

Economy Minister Abdullah bin Touq said earlier that the UAE is seeking 550 billion dirhams ($150 billion) of domestic foreign investment over the next nine years and aims to be among the top 10 global investment destinations by 2030.

It will focus on investments from countries such as Russia, Australia, China and the United Kingdom.

participation in mint flyer

* Please enter a valid email address

* Thank you for subscribing to our newsletter.

Don’t miss any story! Stay connected and informed with Mint. Download our app now!!

Leave a Reply

Your email address will not be published. Required fields are marked *