Permanent residency: A golden boon for UAE economy

KT
May 22, 2019

Dubai, May 22: The UAE's decision to grant permanent residency to investors will attract long-term residents, investors and world's best talent in diverse fields, hence increasing the size of the UAE's economy and stabilising it, analysts, businessmen and entrepreneurs have said.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Tuesday announced permanent residency scheme Golden Card, which will be granted to qualifying investors, entrepreneurs, professional talents, researchers in various fields of science and knowledge, and outstanding students.

It is believed that the first beneficiary of this game-changing initiative will be existing businessmen, entrepreneurs and highly-skilled and qualified professionals and students who will convert their status and obtain the Golden Card.

Osama Al Rahma, CEO of Al Fardan Exchange and vice-chairman of Foreign Exchange and Remittance Group (FERG), said the permanent residency scheme will be very encouraging for the expat community and will reinforce their confidence in the country's governance and economy.

"The announcement is great news for investors in the UAE, especially those who have been here for a long time, as they are now able to benefit from greater security and stability. Investors will be able to plan long-term strategies for their businesses and invest more in existing businesses, thus allowing capital to remain within the UAE," Al Rahma said.

Dr Azad Moopen, founder chairman and managing director, Aster DM Healthcare, said this initiative has been a long-felt desire of the expat community to stay here permanently as many of them consider UAE as home.

"The ability to get a permanent residency will prompt people from many countries to come to the UAE and establish business. This will in turn improve the economy and increase employment opportunity," said Moopen.

Praising the UAE's decision of permanent residency, Taher Shams, managing director, Zulekha Healthcare Group, said this initiative will enable the group to plan long-term and look forward to greater success.

Nigel Green, founder and CEO of deVere Group, noted that the UAE is one of the world's top destinations for expatriates looking to embark upon or further their careers because of the fantastic possibilities offered in terms of finance, trade and commerce, plus that famous 'can do' attitude and the low-tax environment.

"The Golden Card will ensure the UAE becomes even more attractive for overseas talent as it provides permanency and, therefore, more certainty and stability. It will inevitably make recruiting more top talent easier for UAE-based firms and this can be expected to add real value to the country and its economy. The initiative will further fuel confidence that the UAE is a place for international companies to do business and invest. Its business powerhouse reputation will be galvanised by this proactive and forward-thinking new development," Green said.

"We are indeed very delighted for the Golden Card scheme. This is a great news and it will help attract investments and retain talented people who have contributed to the growth and development of the UAE," said Kamal Vachani, group director, Al Maya Group.

Fadi Ghandour, chairman and CEO, Wamda Capital, said it is a very timely and quite bold decision. "Lots of entrepreneurs and various people of talent will take it very seriously. It will certainly have a positive long term impact on the economy."

USA

>Sponsorship by a family member

>Special employment

>Has made a major investment (minimum $500,000 or Dh1.825M)

>Qualified for the Diversity Lottery -  around 50,000 immigrant visas are made available annually aimed at diversifying the immigrant population in the US, by selecting applicants from countries with low numbers of immigrants in the previous five years.

>Referred by the UNHCR as a refugee (or has request asylum in the US)

Singapore

>Must be spouse and unmarried children (below 21 years old) of a Singapore citizen or PR

>Any skilled workerwho the country thinks will make valuable contribution

>Aged parents of a citizen.

>Investors or entrepreneurs meeting eligibility criteria under the Singapore Investment Visa or Global Investor Program (GIP) - a scheme that allows people to bring their investment initiative to Singapore and obtain a permanent residence in the country immediately after making the pouring of money worth at least SGD2.5 million (Dh6.6M)

New Zealand

>Must be a resident visa holder for two years or more, and can show a commitment to live in New Zealand

>Must be under 56 years of age

>Must meet all health, character and English ability requirements

>Must be able to meet a pass mark of 100 points in the Points System to register an Expression of Interest. Points are awarded for age, having family members in New Zealand, employment, previous work experience, and qualifications - all these should  meet the minimum threshold of 100 points

Canada

>Must be physically present in Canada for at least 730 days (2 years) in every 5-year period.

>The person has to be at least 18 years old in order to apply for a PR visa

>Having a bachelor's degree gives a higher chance of getting selected for Canada PR immigration while for the 'Express Entry points system', the highest points are given to people with PhDs.

Germany

>Must have been living in Germany for five uninterrupted years

>Must have a secure livelihood with health insurance and provision for retirement (pension) and adequate living space (at least 13sqm per person)

>Highly qualified workers may be issued with a German settlement permit immediately

>Graduates of a German higher education institute may be able to get a German permanent residence after two years

>EU Blue Card holders can apply after working 33 months (or just 21 months with a level B1 language certificate)

>Self-employed people, with an established business and secure livelihood, may be able to get permanent residency in Germany after three years.

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News Network
September 28,2024

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A new wave of Israeli airstrikes have reportedly hit the Dahiyeh area in the south of Lebanon’s capital Beirut, which had come under deadly aerial attacks by the regime just hours earlier.

The strikes targeted several buildings in the al-Hadath and Laylaki neighborhoods in the area on Saturday.

Shortly afterwards, reports pointed to “a third wave of strikes” on al-Hadath as well as strikes against Choueifat, another southern Beirut suburb, with subsequent accounts putting the total number of the attacks at more than 30.

The Israeli military claimed that it was conducting strikes targeting “weapons belonging to Hezbollah…that were stored beneath civilian buildings” in southern Beirut.

Hezbollah's Media Relations’ Office, however, asserted, “The enemy's claims about the presence of weapons or weapons depots in the civilian buildings targeted by the bombing in the southern suburb are false.”

Simultaneous Israeli airstrikes targeted areas near the city of Tyre in southern Lebanon, including al-Bass, Burj al-Shamali, and al-Maashouq.

Also on Saturday, the United Nations humanitarian coordinator in Lebanon warned that the country was facing bloodshed not seen in decades, and that the crisis could deteriorate even further.

"The recent escalations in Lebanon are nothing short of catastrophic,” Imran Riza said. “We are witnessing the deadliest period in Lebanon in a generation, and many express their fear that this is just the beginning.”

On Friday, Israeli warplanes struck at least six residential structures in Dahiyeh's Haret Hreik neighborhood, killing at least eight people and wounding some 80 others.

The attacks came as part of the regime’s escalation against Lebanon that has been targeting the country since October 7, when Tel Aviv launched a genocidal war on the Gaza Strip.

The escalation has taken a deadlier turn since Monday, claiming the lives of more than 700 people across the country.

Hezbollah has been responding to the aggression with numerous retaliatory operations targeting the occupied Palestinian territories.

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News Network
September 24,2024

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The Israeli regime’s warplanes have conducted extensive airstrikes against towns and villages across Lebanon, killing at least 492 people.

Lebanon’s health ministry announced the death toll on Monday, saying the victims included 35 children and 58 women.

The ministry said at least 1,645 others had also been wounded in the attacks that targeted the areas earlier in the day.

Lebanon’s health minister Firass Abiad said that the health ministry is working to ensure those injured in Israeli strikes are getting the health care they need.

The health minister said he had asked hospitals to stop taking regular, light cases to make space for the wounded from the south.

“We working on directives for the first-aid centres to be turned into places that can receive the wounded. The displaced people who have cancer, kidney failure and other chronic diseases, we have the plan to continue their treatment in different medical centers,” he said.

The country’s media outlets said the aircraft had bombed all the towns and villages lying on the southern border as well as their surroundings.

Israeli warplanes also reportedly targeted eastern Lebanese areas, including the Bekaa Valley and Baalbek.

Lebanese sources said the airstrikes had targeted a total of more than 40 areas in Lebanon during the attacks.

The Sheikh of the Druze community reached out to the Deputy Head of the Supreme Islamic Shia Council and expressed solidarity and reaffirmed support for the people of southern Lebanon, the southern suburbs, and the Bekaa during this critical period for the country.

The Commissioner of Marjayoun-Hassbaya in the Muslim Scouts, Sheikh Hussein Al-Nader, was killed in an Israeli airstrike that targeted his home in the town of Dibbine, Marjayoun district, South Lebanon.

Three people were injured in an Israeli airstrike targeting the Deir El-Zahrani highway, in South Lebanon.

A family of four was killed in Hermel, Bekaa, due to the recent Israeli airstrikes.

Israeli media outlets, meanwhile, alleged that the attacks had hit locations lying as far as 125 kilometers (77 miles) inside the Lebanese territory.

Israeli military spokesman Danieh Hagari said the regime "will engage in [more] extensive and precise strikes” against Lebanon, adding that the attacks would "go on for the near future.”

The regime has markedly intensified its attacks against the country since October 7, when it launched a genocidal war on the Gaza Strip.

Lebanon’s Hezbollah resistance movement has responded with numerous strikes against the occupied Palestinian territories as a means of both retaliating against the regime and displaying support for the war-hit Gazans.

On Sunday, the group staged its farthest-reaching strikes against the territories since October, firing scores of rockets against the Ramat David Airbase, 20 kilometers (12 miles) southeast of the city of Haifa, and the Rafael weapons manufacturing facility in the Zevulun area north of the city.

It described the strike against the facility as its “initial response” to the regime’s detonation of thousands of booby-trapped pagers and walkie-talkie radios that killed at least 39 people and wounded 3,000 others across Lebanon over Tuesday and Wednesday.

Also on Sunday, Hezbollah’s Deputy Secretary General Sheikh Naim Qassem said the movement was in a "new phase" in its battle against the regime.

"Threats will not stop us... We are ready to face all military possibilities,” he noted.

Qassem made the remarks while attending the funeral of Ibrahim Aqil, one of the group’s senior commanders.

Aqil had been martyred alongside 37 others, including three children and seven women, during an Israeli attack on a residential building in a southern suburb of Lebanon’s capital Beirut on Friday.

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News Network
September 25,2024

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New Delhi: The Supreme Court today closed proceedings against Karnataka High Court Judge Justice Vedavyasachar Srishananda, following his public apology for controversial comments made during court sessions. Chief Justice of India DY Chandrachud, leading a five-judge bench, stated that the decision was made in the interest of justice and the dignity of the judiciary.

Justice Srishananda during a recent court hearing. Justice Srishananda, while addressing a landlord-tenant dispute, referred to a Muslim-majority area in Bengaluru as "Pakistan" and made a misogynistic comment involving a woman lawyer. His comments, which went viral on social media, prompted the Supreme Court to seek a report from the Karnataka High Court, which was submitted shortly after the incident.

"No one can call any part of territory of India as 'Pakistan'," Chief Justice Chandrachud said. "It is fundamentally against the territorial integrity of the nation. The answer to sunlight is more sunlight and not to suppress what happens in court. The answer is not to close it down."

The Supreme Court had taken up the case on its own and had sought a report from the Karnataka High Court over the controversial remarks. A five-judge bench led by CJI Chandrachud, along with Justices S Khanna, B R Gavai, S Kant, and H Roy, had on September 20 expressed the need for establishing clear guidelines for constitutional court judges regarding their remarks in court. 

"Casual observational may indicate personal biases especially when perceived to be directed at a certain gender or community. Thus one must be wary of making patriarchal or misogynistic comments. We express our serious concern about observations on a certain gender or a community and such observations are liable to be construed in a negative light. We hope and trust that the responsibilities entrusted to all stakeholders are discharged without bias and caution," CJI Chandrachud said today. 

The Supreme Court bench said that when social media plays an active role in monitoring and amplifying courtroom proceedings, there is an urgency to ensure judicial commentary aligns with the decorum expected from courts of law.

Videos of Justice Srishanananda were viral on social media.

In one video, he refers to a Muslim-dominated locality in Bengaluru as "Pakistan" and in another video he was seen making objectionable comments against a woman lawyer. In the second incident, Justice Srishanananda can be heard telling the woman lawyer that she seemed to know a lot about the "opposition party", so much so that she might be able to reveal the colour of their undergarments.

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