UAE lengthens investor visa from 6 months to 3 years

29 Jun 2011

(MENAFN) The UAE Federal Cabinet decided Tuesday to lengthen visa extensions to three-years for real estate investors to strengthen economic growth, Arabian Business reported.

Currently, foreigners who own more than USD270,000 in real estate must renew their visa twice a year. Under the new decision, investors would only have to extend their visas every three years.

The decision comes after Global Investment House announced last week that real estate prices would drop by 10 percent in Dubai and 20 percent in Abu Dhabi by 2013.

In the same meeting, the Cabinet approved a 2011 budget of USD353.9 million for the Sheikh Zayed Housing program and planned a retirement plan for government employees who have worked for over 30 years. The UAE government also gave Emarat, the state-owned oil company, an additional USD817 million in capital to cope with oil shortages.

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