New, five-year residency visas have been granted to 20 foreign nationals living in Dubai, the government has announced.
Each individual was awarded the so-called 'golden visa' on the basis of holding more than Dh5 million in equity in the UAE real estate sector.
The investors received their visas, which extend to their spouses and children, at a ceremony at Dubai Land Department on Thursday.
The announcement comes following a string of recent reforms to residency rules across the emirate in an effort to bolster investment. Typically, the UAE does not grant permanent residency to foreign nationals.
"The UAE Cabinet’s decision to grant golden visas comes in line with the objectives of UAE Vision 2021 to achieve an economy based on flexibility, diversity and innovation," said Maj Gen Mohammed Al Marri of the General Directorate of Residency and Foreigners Affairs.
Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, announced plans for a golden, 10-year visa residency scheme in May.
Nearly 7,000 investors and residents worth an estimated Dh100 billion were earmarked for the initiative, which authorities hope will help generate foreign investment, encourage entrepreneurship, and attract top engineers, scientists and students.
On Thursday, Dubai officials said the 20 investors set to benefit from the latest, five-year visas programme came from 12 nations, including Tunisia, the US, the Dominican Republic, India, Iraq, China, Libya, Jordan, Iran, Pakistan and Kazakhstan.
A survey published this week found nearly 80 per cent of UAE investors and residents are considering increasing their investments in the country after the government rolled out the programme.
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UAE's Golden Card business leaders
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Rizwan Sajan, founder and chairman of property developer Danube, was given a golden visa in 2019. At the time, he also welcomed the decision to allow mid-level managers earning Dh30,000 ($8,000) per month to apply for long-term visas. Antonie Robertson / The National -
Dr Azad Moopen, chairman and founder of Aster DM Healthcare, was also granted a 10-year residency visa. Randi Sokoloff / The National -
Fragrance tycoon Mohammed Rahman (C) receives his golden card visa at Dubai's immigration service, the General Directorate of Residency and Foreigners Affairs. The businessman, who runs Al Haramain Group, was the first Bangladeshi to receive the visa. Photo: GDRFA -
Firoz Merchant, founder of Pure Gold Jewellers, said it was 'a huge honour' to be granted long-term residency in 2019. Photo: Firoz Merchant -
MA Yusuff Ali, chairman and managing director of supermarket chain Lulu Group, pictured with Sheikh Nahyan bin Mubarak, Minister of Tolerance and Coexistence, was the first recipient of a golden card. The National -
Dr Shamsheer Vayalil, founder and chairman of VPS Healthcare, receives UAE permanent residency in summer 2019. Photo: Dr Shamsheer Vayalil -
Indian-Arab businessman Balvinder Sahni, owner of RSG International, which builds hotels and residential towers, was an early recipient of long-term visa. Reem Mohammed / The National -
Sharjah’s first golden card recipient was Lalu Samuel, chairman and managing director of Kingston Holdings and Chairman of Sharjah Industry Business Group. Photo: Kingston Holdings -
Siddique Pallolathil, head of hypermarket chain Nesto Group, was the first recipient in Ajman to received long-term residency. Photo: Siddique Pallolathil
