Mohammed bin Rashid announces decisions attracting investors and tourists

The UAE is among the ten most competitive countries in the world and our goal is to remain a top destination for ease of doing business, through an agile economy based on flexibility and openness. A strong economy drives us as a nation to be among the first and best.

In a cabinet meeting today , His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai approved reforms including replacing the bank guarantee system for private sector employees, with a low-cost insurance scheme. This will release AED 14 billion back to the private sector companies and will further lower the cost of doing business.

 

The decisions include the following:

1- A new system in place to replace the bank guarantees required for private sector employees’ visa.

2-Release the current bank guarantees totaling AED 14 billion back to private sector companies.

3- Implement a new insurance system for private sector employees valued at AED 60 per year to replace the AED 3000 bank guarantee per employee.

4-Facilitate the process for job seekers in the UAE and grant a 6 month temporary visa without fees.

5-Exempt transit tourists from entry visa fees for the first 48 hours of their stay.

6-Grant a two year visa for talented and outstanding students.

7-Allow visa status adjustment without having to leave and enter the country.

8-Facilitate the voluntary departure for people overstaying their visa without incurring a ban.