Monday this week saw the implementation of the UAE’s long-awaited visa reforms. New rules now make it easier for residents to receive a Golden Visa, allowing holders to stay in the country for 10 years. Along with this, rules have been further relaxed for five-year Green Visas, and long-term tourist visas. These rules uncouple employees from their employers, and is representative of the UAE’s vision for sustainable long-term economic growth.
For Arabian Business subscribers we have prepared an exclusive guide on all of the changes which can be accessed here.
News from Saudi Arabia has also kept us busy this week. Crown Prince Mohammed bin Salman announced the launch of the Saudi Downtown Company. Its aim is to build and develop downtown areas and mixed-use destinations in 12 Saudi cities.
The new company will be wholly owned and funded by Saudi Arabia’s Public Investment Fund, which it said “aims to increase trade and investment opportunities in various Saudi cities to increase their attractiveness and create a positive impact on their local economies.”
The Public Investment Fund (PIF) is Saudi Arabia’s giant $600 billion investment vehicle that is set to help transform the country and prepare it for a post-hydrocarbon age. The resources of this organisation are immense, so it only feels fitting to shine the spotlight on the men and women leading it.
Part of the country’s Vision 2030 agenda calls for a massive increase in tourism to 100 million visitors a year. As part of this goal, the kingdom announced earlier this week that it would host the Asian Winter Games 2029 at the futuristic city of NEOM.
Finally, any conversation about the future would not be complete without mentioning the metaverse. The UAE has a stated goal to become a hub for Web3.0 technology, with Dubai leading the charge. Given the importance of this trend, Arabian Business has prepared an exclusive guide only for our subscribers on the subject. Click here to read the guide in full.
Matthew Amlôt
Managing Editor of Arabian Business
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