The Impact of UAE's Reforms on the Economy

Published November 26th, 2020 - 03:00 GMT
The Impact of UAE's Reforms on the Economy
Such incentives are expected to not only support efforts to attract investments and revive several industries. (Shutterstock: Dusan Petkovic)

Ever since news of successful vaccines started to revitalize global markets and refresh hopes of an end to the economic meltdown, plans to help boost economies recover at a faster and a stronger pace have been ongoing, with many trying to utilize the different new aspects of the life we have come to know since the pandemic.

Although there are hopeful medical advancements promising a near end to the nightmare that is COVID-19, new realities that have emerged because of the crisis, still inspired new life solutions and lifestyles, many are here to stay, according to experts.

One of the clearest changes to humans' life has been working from home, as millions of people have been able to switch from the physical offices they have worked at for decades to home offices, supported by great reliance on technology and the internet. This alternate lifestyle has paved the way for new opportunities; for individuals to make the most of their time, as well as for economic activities to benefit from new skills.

In an attempt to seize the moment and accelerate the economic recovery, the UAE government has launched a new residency program that allows individuals, who work remotely, to live in the country as they continue to carry out their daily tasks from their UAE homes.

This move targets individuals, who are either business owners or employees with proof of employment with at least one-year contract validity, so they can relocate along with their families to an Emirati city, enjoy living in the country's safe, warm, digitally-enabled, and family-friendly environment.

Also, non-Emirati-citizens have been recently allowed to possess their own commercial firms in the UAE, a step that aims to further open the UAE economy to more investors.

Additionally, investors and entrepreneurs from all over the world are expected to be interested in this UAE residency program, especially as the country continues to be a zero-income tax one, which is one of the greatest perks business-oriented people are always on the look for.

Last May, the UAE had announced a new long-term visa program called the Golden card, through which eligible international citizens can apply for residency in the country for five or ten years, once they prove they met the criteria carefully crafted to attract high talents and skilled workers.

Finally, the Emirati government announced a notable overhaul of social and civil laws earlier this month, which have been described as "more modern and more expat-friendly," such as allowing residents of all faiths to purchase Alcohol, allowing non-wedded partners to live together, in addition to disassociating marriage and inheritance laws with Islamic ones for non-Emirati citizens.

Such incentives are expected to not only support efforts to attract investments but also to revive the real estate sector, as more homes are going to be in demand by the newcomers to the country. Moreover, new residents who will be welcomed along with their family members are going to increase the numbers of students, shoppers, and customers who can all provide a strong basis for the return of economic activities.

This move is also supposed to encourage tourism in the UAE, as more people are going to be visiting their family and friends throughout the year.

Will you consider moving to the UAE if you were given the chance to work from home? What perks are you looking for as you relocate to the Middle East's business hub?

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