In a major announcement, the UAE cabinet also approved 100% foreign ownership of companies in the country, which has previously been limited to those companies based in freezones.
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A separate five-year residency visa will be made available to students studying in the UAE, and 10-year visas for “exceptional students”, news agency WAM reported.
The UAE will also review its current residency system to extend the time for the dependent students after completing their university studies, which will give opportunity to consider their practical options in the future.
“The UAE will remain a global incubator for exceptional talents and a permanent destination for international investors,” said Sheikh Mohammed, Ruler of Dubai and UAE Prime Minister.
“Our open environment, tolerant values, infrastructure and flexible legislation are the best plan to attract global investment and exceptional talents in the UAE.”
The UAE’s Ministry of Economy, which will coordinate the implementation of the new rules, will follow up on its developments with a report due to be submitted to cabinet in Q3 this year – which is when the UAE will enforce the cabinet’s decision.
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