Dubai property market rebounds with 83% yearly growth in transactions in Q1

 Dubai property market rebounds with 83% yearly growth in transactions in Q1


RIYADH: A new law in the UAE aims to boost the competitiveness and flexibility of the job market, which is dominated by foreign nationals.

In an attempt to attract and retain global talent, its cabinet has approved the executive regulations of the Federal Decree-Law on Entry and Residence of Foreigners as follows.

Green residence for skilled employees

The Green residence for skilled employees provides a 5-year residency for workers, without a sponsor or employer.

However, applicants should have a valid employment contract. The job should be classified in the first, second or third occupational level, as per the Ministry of Human Resources and Emiratisation.

The salaries of these applicants should be no less than $ 4,083 per month.

Green residence for freelancers

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As the world switches to flexible work models, the UAE is offering Green residences for freelancers and self-employed people.

Under this new track, freelancers will get a 5-year residency without a sponsor or employer in the UAE.

However, the applicant should have a freelance / self-employment permit from the Ministry of Human Resources and Emiratisation. The minimum educational qualification of bachelor’s degree or specialized diploma.

Entry visas for job seekers

The UAE has also introduced a new type of visa for job seekers who plan to obtain an occupation in the country.

To obtain this visa, there is no need for a sponsor or a host.

These visas will be granted to job seekers classified in the first, second or third skill level, as per the Ministry of Human Resources and Emiratisation.

The minimum educational level should be graduation or equivalent.

Golden residence

The UAE cabinet has implemented substantial changes in the issuance of Golden residence.

This long-term 10-year residence is granted to entrepreneurs, exceptional talents, investors, scientists and professionals.

With the new amendment, Golden residence holders can sponsor family members, including spouses and children regardless of their age. They can also sponsor domestic laborers.

From now on, there will be no restrictions related to the maximum duration of stay outside the UAE, to keep the Golden residence valid.

Tourist visa

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As part of the new amendment, the UAE has now introduced a five-year multi-entry tourist visa.

These visas do not require a sponsor, and it allows the person to stay in the country for up to 90 continuous days.

After the expiry, it may be extended for a similar period, provided that the entire period of stay in UAE does not exceed 180 days in one year.

However, applicants for this tourist visa should have a minimum balance of $ 4,000 in their bank account.





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