The UAE expects the golden visa scheme extension to contribute to its economy. It is said the new scheme could lead to an economic growth rate increase of up to 1 percent. Last week, the UAE approved the issue of a 10-year golden visa to professionals from different sectors such as engineers, physicians and PHD holders among others.
Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum tweeted, “Brothers and sisters, we approved today a decision to grant the 10-year golden visa to residents in the following categories: all PHD holders, all physicians, engineers in the fields of computer engineering, electronics, programming, electricity and biotechnology, graduates from UAE accredited universities who scored Grade Point Average, GPA, of 3.8 and above.
“Today, we approved granting the 10-year Golden Visa to all PHD holders in the UAE. Also, the Golden Visa will be granted to top graduates from UAE-accredited universities with a GPA of 3.8 and above.”
The golden visa scheme was initially proposed as a permanent residence system in the UAE. However, the General Directorate of Residency and Foreigners Affairs has since clarified that it is in fact a renewable long-term 10-year visa.
The UAE’s economy, which is predominantly dependent on oil revenue, was hit hard by the coronavirus pandemic coupled with depleting crude oil prices. Last month, the International Monetary Fund (IMF) said it expects the UAE economy to contract by 6.6 percent this year.