Dubai is set to grant up to 200 UAE golden visa permanent residency visas to "prominent" African investors under a new initiative to strenghten ongoing efforts to attract and retain high net worth businessmen from Africa to the Emirate.
The ‘Be Part of Dubai' initiative has been launched by the Dubai Chamber of Commerce and Industry in collaboration with the General Directorate of Residency and Foreigners Affairs (GDRFA) and Dubai Free Zone Council.
The initiative aims to improve investor confidence in Dubai by providing more certainty and flexibility for African investors and their families who plan to live or travel to Dubai. It move is also expected to facilitate and boost investment flows between Dubai and Africa.
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"
The partnership agreement was signed by Hamad Buamim, president and CEO of Dubai Chamber, Major General Mohamed Ahmed Al Marri, director general of GDRFA, and 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.
"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 at a global level," Buamim 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 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 the confidence of investors by providing them and their families with more flexibility in terms of livelihood and transportation," said.
At the Global Business Forum Africa 2019 organised by Dubai Chamber,experts highlighted that the whle world is looking at Africa for trade opportunities.
"That's why Dubai embarked on new initiative in 2019 --- the Dubai Silk Road Strategy. The government's approach to looking at Africa is how to unlock the potential. The infrastructure is there, the trade treaties are there. these aren't the challenges any more. The challenges are the lack of soft skills and capabilities," Nadya Abdulla Kamali, CEO, Dubai Customs World, said.
The UAE launched the permanent residency scheme for expatriates in May. The first batch of 6,800 recipients includes expats who have made total investments of over Dhs100bn.