Prominent businessmen to be granted Golden Residency Visas under new initiative

Prominent businessmen to be granted Golden Residency Visas under new initiative

  • “Be Part of Dubai” initiative launched by Dubai Chamber, General Directorate of Residency and Foreigners Affairs (GDRFA), Dubai Free Zones Council
  • Strategic partnership agreement signed on sidelines of Global Business Forum Africa 2019 in Dubai

Dubai, UAE: Dubai Chamber of Commerce and Industry (Dubai Chamber) has announced that it has signed a memorandum of understanding (MoU) with the General Directorate of Residency and Foreigners Affairs (GDRFA) and Dubai Free Zones Council to launch the “Be Part of Dubai” initiative which will see prominent businessmen receive UAE Golden Residency Visas.

The MoU, signed at a launch ceremony held on the sidelines of the Global Business Forum Africa 2019 in Dubai, supports ongoing efforts to attract and retain high net worth investors from Africa by providing them with an easy and streamlined way to obtain long-term visa residency visas. The initiative aims to improve investor confidence in Dubai, by providing more certainty and flexibility for businessmen and their families who plan to live or travel to Dubai, while it’s also expected to attract foreign investment flows to the emirate.

The strategic partnership agreement was signed by H.E. Hamad Buamim, President and CEO of Dubai Chamber; H.E. Major General Mohamed Ahmed Al Marri, Director General of GDRFA; and H.E. Dr. Mohammed Al Zarooni, Secretary General of Dubai Free Zones Council.

As part of the agreement, the three entities will work together to identify priority sectors for attracting investments to Dubai, in line with Dubai’s income diversification targets. They will also collaborate to familiarise businessmen with the nature and scale of opportunities available in key economic sectors, as well as with the incentives offered to foreign investors in Dubai.

H.E. Buamim said the “Be Part of Dubai” initiative supports Dubai Chamber’s efforts to improve ease of doing business in Dubai and promote the emirate as an attractive investment hub.

“This strategic agreement supports Dubai’s strategic vision to diversify its economy, cement its status as a preferred destination for foreign direct investment and enhance its economic competitiveness on a global level,” said H.E. Buamim, adding the Global Business Forum Africa 2019 offered an ideal opportunity for Dubai Chamber to introduce the new initiative to African investors and businessmen.

For his part, H.E. Major General Mohamed Ahmed Al Marri, Director General of GDRFA said: "the Department is working to implementing the vision of our wise leadership and support its initiatives, which are always a driving force for comprehensive and sustainable economic and social development."

Al Marri stressed that the Department seeks through this agreement to join efforts with various concerned parties in order to facilities the procedure for issuing residency and visas to serve the various vital sectors in the Emirate. Including investors and entrepreneurs as move to grant them a long term residence, in order to attract more foreign investment in the country and encourage entrepreneurs to make a qualitative leap for the economy in the country.

In addition, Al Marri added that the GDRFA Dubai is continuing its efforts to enhance the relations of cooperation with various departments and institutions in the Emirate of Dubai to work together to develop and improve the services provided, and achieve happiness to rank the UAE among the investment cities in the world.

H.E. Dr. Mohammed Al Zarooni said: “The strategic partnership with Dubai Chamber and the General Directorate of Residency and Foreigners Affairs is part of the Dubai Free Zones Council's commitment to supporting the business community and creating investment opportunities in free zones within the emirate that serves as a gateway to regional, African, and global markets.”

He added: “The ‘Be Part of Dubai’ initiative aligns with our efforts to attract high-net-worth individuals to Dubai who can make a significant contribution to the emirate's economy, in addition to enhancing investors’ confidence through providing them and their families with more flexibility in terms of livelihood and transportation. Initiatives such as this one help us achieve our goals of boosting the flow of foreign direct investments, strengthening the local market through increased demand, creating an enabling business environment, and driving growth in all sectors”.

Last week, it was announced that His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, granted golden residency visas to 2,500 scientists, researchers, doctors, and innovators.

Currently underway at Madinat Jumeirah, the fifth edition of GBF Africa brings together heads of state, minister, policymakers, business leaders, investors, entrepreneurs and industry experts from Africa and the UAE for a two-day forum exploring investment opportunities that are emerging across the continent.