ABU DHABI: United Arab Emirates announced their new type of Visa called “Green Visa” on Sunday which will enable foreigners residing and working in UAE to continue working in the country without any company sponsorship in an attempt to diversify the economy and boost the economy growth.
Currently, it’s really tough to get long term residing permission in UAE and limited visas are given to the foreigners which are tied to their employment. The new “green visa” will allow the foreign workers to work in UAE without the any company sponsorship and the can sponsor their parents and children up to 25 years old, as per the officials.
The Minister of State for Foreign Trade Thani al-Zeyoudi said “It targets highly skilled individuals, investors, businesspeople, entrepreneurs, as well exceptional students and postgraduates,”. The oil-rich country is trying to diversify it’s economy and reducing it’s over reliance on the oil business.
The ongoing pandemic has severely hit the economies of many oil rich countries as the oil prices came crashing down due to the low demand of oil throughout the world. The tourism industry also faced recession due to the lockdown imposed throughout the world which limited the scope of tourism in UAE.
Foreigners account for about 90% of UAE’s 10 million population and it’s economy have always been relied upon foreigners who come and work in the country due to it’s ease of doing business. No income tax is levied on the individuals residing in the country which attracts lot of foreigners to come and work in the country.