Comment: In the business of empowering business
The UAE has always been a business- and resident-friendly destination.
The UAE's economy is hitting a sweet spot, being turbo-charged by the country's leaders in order to make it future-ready and future-proof. Not a week passes by without the government announcing a bevy of measures to accelerate growth.
The Cabinet on Wednesday gave the economy a massive shot in the arm by unveiling sweeping reforms in visa regulations for workers as well as for jobseekers and transit passengers.
In one fell swoop, the Cabinet installed forward-looking policies, doing away with the dated requirement of bank guarantees and replacing them with an innovative insurance system at a fraction of the earlier cost. This single measure will release no less than Dh14 billion in cash flow for local businesses, giving them a generous cushion of capital.
The shelving of the need for individuals to exit the country to change their visa status, and the introduction of a 180-day jobseeker visa are the other game-changing reforms that come close on the heels of the massive economic stimuli announced by Abu Dhabi and Dubai, slashing the cost of doing business and the cost of living for residents.
The UAE has always been a business- and resident-friendly destination. With an eye on Expo 2020, the UAE is unveiling measures that herald a paradigm shift in the way business is conducted in the country, offering incentives to gifted students, exceptional experts and seasoned professionals. Welcome to the era of academic excellence, the age of scientific superiority, a haven for meritocracy.
Welcome to the UAE.