The UAE Cabinet meeting chaired by His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai on Sunday adopted a new system of entry visas for investors and professionals that will provide them with a long-term visa for up to 10 years.
Doctors and engineers and their families are among those who will be eligible for long-stay visas.
Specialists working in medicine, science, research and technical fields will also be eligible.
The new visa system will increase the chances of attracting investors and competencies to the UAE and thus, further boost the country's economic competitiveness globally.
Presently, companies are required to have a local partner that owns 51% of the business. Only those based in free zones are currently entitled to 100% ownership.
The system also grants five-year residency visas for students studying in the UAE, and 10-year visas for exceptional students.
Students would also be able to secure five-year visas and "exceptional" graduates could remain in the country for ten years. At present students must apply to renew their visa every year.
"The UAE will remain a global incubator for exceptional talents and a permanent destination for international investors. Our open environment, tolerant values, infrastructure and flexible legislation are the best plan to attract global investment and exceptional talents to the UAE," said Sheikh Mohammad.
He also directed the Ministry of Economy, in coordination with the concerned parties, to implement the resolution and follow up on its developments, and to submit a detailed study in the third quarter of this year.
He said an "open environment, tolerant values, infrastructure and flexible legislation are the best plan to attract global investment and exceptional talents to the UAE".