The recent announcement by the UAE enabling meritorious students, investors and certain professionals — including doctors, scientists, researches and engineers and their families — to get a 10-year residence visa is a landmark move in more ways than one. The Cabinet also approved 100 per cent foreign ownership of companies in the country, which has previously been limited to those based in free zones making the country a dream destination for investors. It is expected that the announcement shall be enforced by the third quarter of this year.
Unmistakably, the UAE is one of the top global trade and travel destinations, and introduction of a 10-year visa for the above categories would surely catapult the country to be a global investment, health tourism and education destination.
The announcement also has a far-fetched — and an interesting — inclusion. The meritorious students, now getting a 10-year visa, would help promote the culture of competitive academics across the levels thereby enhancing the overall merit scores fostering the rise of academic excellence.
To its credit, the UAE already devotes approximately 25 per cent of total federal government spending to education and has invited some of top-of-the-line institutes from Europe and US to open their campuses here. With an open economy that has one of the world’s highest per capita income and with a sizeable annual trade surplus, the UAE has undergone an unprecedented transformation into a modern state with a high standard of living and backed up by tolerant values.
Foreign investors looking to set up a business in any of the industrial cities, special economic zones or free trade zones in the different emirates have easy access to a single window licensing service and promising a quick turnaround in terms of registration and visa processing.
As a member of the World Trade Organisation (WTO) since 1996, the UAE already supports open trade and has stable trade relations with others. Some of the reasons for doing business in the UAE are the fact that corporate and personal taxes are next to nil, import duties are low, and there are double taxation avoidance agreements.
The UAE offers an ecosystem comprising of a transparent business environment and world-class infrastructure and now a formidable plan to attract global investments and exceptional talents. Up until now, foreign companies could only operate by partnering with a local entity unless based in the free zones. Not any longer.
The move goes on to prove that the UAE shall remain a land of opportunities for a long time to come and is a place where entrepreneurial dreams come true.
Talking in terms of health care, the practice of medicine is a fine blend of tradition and innovation, authenticity and passion, and it only flourishes over time.
The UAE stands at number 27 in the world health systems ranking of the World Health Organisation. Indeed, at the time of the UAE’s founding in 1971, the country had just seven hospitals and 12 health centers. It has come a long, long way in improving about that number.
The UAE has over 25,000 registered doctors today. Over 95 per cent are “imported”, in the sense that they receive their training and experience outside the UAE before coming here. The 10-year visa would help them form a stable basis to flourish. As the UAE health care continues to grow, it is critical for long-term security that we start training clinicians here.
The new regulations have also set the procedures for implementing them to grant investors residence visas of up to 10 years and for all members of their families. In yet another spin-off, this shall catapult the families to have a long-haul perspective of their stays in the country thereby promoting real estate investments.
Achieving higher goals by raising strong pillars of economic growth, beyond the oil reserves and on the foundation of education, health care and infrastructure is in the right direction. Civilisations have only progressed taking this route down their strides.
And with this profound theme of ultimately enriching the available talent pool, this futuristic move would get the UAE one step closer to its aim in making the country a thought bed for incubators and creators.
Prasanth Manghat is CEO and Executive Director of NMC Health plc.