The pragmatic decisions of United Arab Emirates have to pay rich dividends

The decision taken by the cabinet for offering a 100 percent foreign ownership in almost 122 economic activities throughout the 13 sectors is an initiative that is bound to help in reaffirming the position of UAE on the global arena as it is a hub for investing and ushering a new era of peace, growth, and prosperity in the nation along with giving birth to large number of employment opportunities.
The timing of the decision is almost perfect considering the uncertainties that are prevailing in the market worldwide.
The benefits are great for the investors as this decision bestows them with an opportunity for acquiring various shares in plenty of economic activities such as the production of green technology, solar panels, hybrid power plants, and power transformers.
On 21st May, United Arab Emirates began to issue residence visas for long-term that would enable their foreign investors and the professionals from abroad to live, study, and work in the UAE without having a sponsor and also with 100% ownership of the business. These residence visas are for five and ten year basis and can also be renewed.
Owing to many new measures, tourism has also been receiving a massive boost.
The Children that accompany their parents as tourists in the UAE shall be exempted from the visa fees bfrom 15th July to 15th September decided the Cabinet of the UAE last year.
Innovation plays a key role in promoting economic growth, delivering new job opportunities, and increasing competitiveness . United Arab Emirates invests billions from its budget each year in innovation, majority of which is then spent on research and development.
Recognizing the power that technology has, the UAE has also been trying to advance its stature in the telecommunication sector in the area of global competitiveness , by taking the lead in adopting 5G technology.