UAE eases residency rules in bid to lure $150bn in foreign investment

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United Arab Emirates updates

The United Arab Emirates has launched 50 economic initiatives aimed at making the country more competitive as it seeks to diversify its oil-dependent economy, including a drive to attract $150bn in overseas investment within nine years.

Ministers unveiled some of the reforms — which form the Gulf state’s Projects of the 50 programme that marks its golden jubilee — on Sunday. They include liberalising residency rules to attract and retain skilled workers; the emirates have for decades tied residency to employment, triggering expatriate departures during economic downturns. 

The UAE, which was founded in 1971, will also host a global summit next year to highlight investment opportunities with the aim of drawing $150bn into domestic projects by 2030, ministers said.

“Over the past five decades, the UAE has opened its…

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