UAE's got talent: The golden route to prosperity

UAEs got talent: The golden route to prosperity

The Business Visa aims to enhance the UAE's competitiveness by welcoming entrepreneurs and foreign investments to boost the nation's economy.



By Vicky Kapur (From the Executive Editor's desk)

Published: Tue 17 Dec 2019, 7:00 PM

Last updated: Wed 18 Dec 2019, 3:57 PM

Earlier this week, the UAE opened up the long-term Business Visa application process for entrepreneurs looking to make this country their home for good. It is a logical next step in the Golden Visa regime that the country rolled out earlier this year, but one that counts in the 'giant leap' league. Open to professionals with entrepreneurial experience from anywhere in the world, the Business Visa aims to enhance the UAE's competitiveness by welcoming entrepreneurs and foreign investments to boost the nation's economy.
The UAE's opening up of the country's immigration ecosystem for talented groups and individuals is, perhaps, as momentous as the discovery of oil at the Murban Bab Oil Field in 1958 after 30 years of exploration. That beginning was, of course, humble. Completed in 1960, the legendary Murban-3 well started production at a mere 3,674 barrels of crude oil per day. Today, the UAE produces about 3 million barrels per day of black gold, with stated targets of upping that to 4 million barrels per day by the end of 2020 and further to 5 million by 2030.
A similar beginning has been made with the Golden Visa regime. The first batch of the beneficiaries of the permanent residency scheme include 6,800 established investors who've made Dh100 billion worth of investments in the country. But this trickle (if it can be called so) will soon turn into a torrent as potential Steve Jobs, Elon Musks, Ronaldo Mouchawars and Mudassir Sheikhas apply for the golden ticket to prosperity for themselves, their families and, of course, their adopted homes.
From time immemorial, the UAE has always welcomed those with a creative bent of mind - from traders to craftsmen, the country has a history of incentivising innovation. With its start-up ecosystem witnessing tremendous growth since the turn of the century, the time is just ripe to take this development on to the next level and open up the floodgates for the world's best and brightest minds to make this country their home. The UAE has, once again, struck oil.


More news from OPINION