The introduction of a new law that will allow non-Emiratis to retire for five years in the UAE if they meet a series of requirements will have a huge positive impact on the countrys real estate and construction market, a senior figure in the industry has told Big Project ME.
Hamad Al Ameri, the managing director of Trojan Holding, a major construction group based out of Abu Dhabi, said that these changes have come as a response to the demand from the market, and is a signal that the UAEs leadership is listening to those demands.
I think this is going to have a huge positive impact, because in the end, this is a demand from the market, and I think that our leaders hear the demand of the market and have made it more realistic and tangible (for expatriates to invest in the UAE real estate market), he said, during an interview with Big Project ME at his offices in Abu Dhabi.
People who live and work here in the UAE, theyd love to stay on in the UAE. By giving them the opportunity to stay and own their own businesses, and expand their residence here, thats going to create more business opportunities for them, which in turn is going to create more demand for the construction industry overall, he asserted.
Earlier this month, the UAE Cabinet approved a plan to allow non-Emiratis to remain in the UAE from 2019, for a period of five years after they reach retirement age, provided that they have properties worth at least AED2 million, or have at least AED1 million in savings, or an active income of more than AED20,000 per month.
The decision comes in the wake of a range of similar changes announced earlier this year, which will allow investors and key workers, such as doctors or engineers, access to a long-term residency visa.
It is estimated that there are approximately eight million expatriates living and working in the UAE. A growing number of those are approaching retirement age, which is 65. However, some jurisdictions impose restrictions on visa applications as early as 60.
