Tuesday, June 28, 2011

UAE extends visa for property investors to 3 years

Decision taken at Federal Cabinet meeting on Tuesday.The UAE federal government has extended visa for real estate investors from six months to three years.
This decision was taken by the Federal Cabinet on Tuesday.“The government took a raft of measures as part of its efforts to underpin economic growth within its strategic plan 2011-2013, including extension of visa for real estate investors to three years instead of six months,” Wam said.
The government also gave instructions for drafting a federal law regarding competition and another bill for reviewing provisions of federal law 6 of 2007 regarding the establishment of the Federal Insurance Authority and its mandate
Analysts said the decision will boost the property sector in the country as will impact on the growth of the overall economy.