New ‘Green Visa’ announced by UAE to boost economy- Here’s all you need to know

The United Arab Emirates, in an attempt to boost the economy of the nation, has announced the launch of a new visa for working professionals who come from foreign countries. According to reports, this “green visa” will diversify the economy of the country and reduce the dependency on oil.

Under usual circumstances, the workers only hold visas that are tied to their employers. These workers also have difficulty seeking long-term residency in the country. The terms of the green visa state that foreigners will be able to work in the country without being sponsored by an employer.

Officials from UAE reportedly said that the holders of the new green visa will be able to sponsor their parents and children up to 25 years old and the holder will be able to work in the country without employer sponsorship.

While talking about the green visa, Minister of State for Foreign Trade Thani al-Zeyoudi, said to a major publication, “It targets highly skilled individuals, investors, business people, entrepreneurs, as well exceptional students and postgraduates.”

UAE has launched the new green visa after the economy of the country took a hit due to the COVID pandemic, majorly in the tourism sector, which led to low oil prices for the country. By launching this new visa, the country is trying to reduce its reliance on oil and diversify its economy.

A couple of years ago, the United Arab Emirates had also launched the Golden Visa in an attempt to attract wealthy individuals and skilled workers to invest in the economy of the country. The golden visa is valid for 10 years. Other Middle Eastern countries such as Qatar and Saudi Arabia also launched similar programmes.

The UAE is the second-largest economy in the Middle East, after its neighbouring country Saudi Arabia. According to data, around 90 per cent of the 10 million population of the country is accounted for by foreigners.