The UAE government Tuesday undertook a raft of measures as part of efforts to underpin economic growth within its strategic plan 2011-2013, including the extension of visa for real estate investors to three years, from six months. The country’s property market is among the biggest casualties of the global economic crisis with the emirate of Dubai, especially, left hurting as real estate prices have plummeted more than 50% since late 2008.
“The UAE Federal Cabinet decision to extend residence visa for real estate investors to three years will significantly enhance investor confidence and drive the growth of the country’s property sector.” commented Mr Mohamed Alabbar, Chairman, Emaar Properties PJSC.
“The property sector is a key contributor to the non-oil GDP of the country, and is one of the largest employment providers apart from supporting several associated industries,” he continued.
“The sector also plays in driving foreign direct investment to the country, and the Cabinet decision will enhance the appeal of the UAE as a preferred destination for safe investments in property.
“The Cabinet decision underlines the vision of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, UAE President and His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai to further boost the competitiveness of the UAE.”
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