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IQI Dubai Weekly Recap 19th- 25th May

 

UAE announces 10-year visa plan for specialists, Indians to benefit

In a move that could help Indians living in the United Arab Emirates (UAE), the Middle Eastern nation has announced radical changes to its visa regime, according to a report by The Indian Express.
UAE has announced it will grant 10-year visas for specialists working in fields such as medicine, science and research, among others.

The move is expected to attract talent to the UAE. Foreign students will also be able to avail a 5-year visa while ‘exceptional’ graduates can secure a 10-year visa, the report suggests. Right now, students are required to apply for a renewal of their visa every year.

The new rules announced on Sunday state that the 10-year visas would be extended to the families of the specialists as well.

The UAE is also set to allow foreign firms to own 100 percent of their business. Currently, foreign companies are required to have an Emirati partner to hold a majority stake, unless the business is based in a free trade zone.

This is expected to benefit many Indian businesses and entrepreneurs, who may be facing challenges in the UAE at the moment. Most shops and restaurants are outside free trade zones and require a local partner to operate in the country.

Indians will be significant beneficiaries of the new policy. As many as 2.8 million Indians live in the Gulf country, forming the largest expatriate community there. Of the total, 15-20 percent are professionally qualified personnel. Another 20 percent have white-collar non-professional jobs, while the remaining 65 percent are blue-collar workers.

The changes are likely to take effect by the end of this year. However, it remains unclear if the visa for professionals will be a 10-year employment visa or a 10-year residency visa.

At present, visas of most professionals living in the Emirates is linked to their employer and cannot be carried forward in case one decides to change jobs. If the changes lead to a residency visa, professionals will have better mobility in jobs.

Source: Money Control

New Dubai Land Department structure approved

Dubai: Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, issued Executive Council Resolution No (17) of 2018 that approves the new organisational structure of the Dubai Land Department (DLD). The new structure of the DLD includes the Real Estate Regulatory Agency (RERA), the Dubai Real Estate Institute (DREI) and the Rental Disputes Centre (RDC).

Pursuant to the resolution, the departments of Monitoring and Risk Assessment, Strategy and Corporate Development and Legal Affairs will now report to the director-general. The organisational structure features three main sectors — Corporate Support, Real Estate Registration services and Real Estate Investment Promotion.

The Corporate Support sector is composed of the Trusts and Reparation, Corporate Communication, Human Resources Happiness, Finance, Administrative Affairs and Information Technology departments. The Real Estate Registration sector is composed of Customer Happiness, Real Estate Valuation, Real Estate Registration, and Survey departments. The Real Estate Investment Promotion sector is comprised of Real Estate Promotion, Real Estate Studies and Real Estate Development.

The DLD director-general will issue the bylaws required to implement this resolution. This resolution annuls any other legislation that contradicts or challenges its articles. The resolution is effective from the date of issuance and will be published in the Official Gazette.

Azizi Developments delivers construction update on project on Palm Jumeirah- Mina by Azizi Mina

 

Azizi Developments, one of the leading private developers in the UAE, has announced the status of their upcoming AED780mn project on the Palm Jumeirah, Mina by Azizi.

The developer has announced that construction is progressing with finishing and façade works currently underway.

Commenting on the update, Mirwais Azizi, Chairman of Azizi Developments, said: “The market is witnessing a demand for projects in iconic waterfront locations and Mina by Azizi on the Palm Jumeirah was conceptualised to address this need. The project will offer community amenities and beach access, which will transform residential living on the Palm.”

With its well-crafted design and prime waterfront location on the ‘crescent’ of the luxurious Palm Jumeirah, one of UAE’s most sought-after destinations, Mina by Azizi features panoramic views of the sea and provides beach access to 174 residential apartments and four luxurious penthouses.

The project will be the new lifestyle destination on Palm Jumeirah covering a total area of 452,000 sq ft. which includes 120 one-bedroom, 54 two-bedroom, and 4 penthouse residences. In addition, it will include a total of six retail units across an area spanning 16,500 sq. ft. The project’s presence on one of the most prime locations in the world will provide significant returns for those looking to live a luxurious lifestyle.

These developments are in addition to the developer’s community lifestyle projects Azizi Riviera in Meydan-one”>Meydan One and Azizi Victoria in Mohammed bin Rashid Al Maktoum City – District 7, as well as other projects in Dubai Healthcare City, Al Furjan and Jebel Ali.

Source : Zawya.com

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