The United Arab Emirates, oil-rich country in the Middle East, seems to be looking for ways to bring in foreign investors after realizing that it cannot rely on oil revenues anymore.
Recently, the United Arab Emirates made a transformative move that made it possible to grant citizenship status to selected foreign professionals and investors. The strategy is expected to take advantage of increased finances and skilled expats to contribute to the country’s economy.
The UAE citizenship amendment was hailed as an innovative move because it will make foreign investment easier. It is also a step forward as in many countries allowing dual citizenship rather than seeing it as a weakness.
This new opportunity is especially given to expatriate investors, doctors, scientists, engineers and artists and their families. It also applies to those who have lived and worked in the UAE over the previous decades.
“This is a very progressive step for the UAE. This new law will bring in a lot of investment and skills allowing the UAE to diversify their income options,” said Micha Emmett, CEO of CS Global Partners, a legal advisory firm that specializes in Citizenship by Investment solutions.
Over the past decade, the UAE has seen a steadily decreasing use of fossil fuels so it needs to expand income options to ensure they prosper.