When will these measures come into effect?
Shaikh Mohammad has directed the Ministry of Economy to implement the resolution and follow up on its developments, in coordination with all concerned stakeholders. He has asked for a detailed report to be submitted in the third quarter of this year, and the measures will come into force by the end of 2018.

Why did the UAE undertake these new measures?
The Cabinet resolutions mark a bold new era for the UAE, but they are in line with the UAE leadership’s continued focus on attracting top international investments as well as exceptional talent to the country and build a solid foundation for a diversified knowledge economy. The UAE is already the most diversified and open economy in the Middle East, but these policies with long-term implications will further lift the UAE’s economic competitiveness globally.

How will these measures help the UAE?
In the words of Shaikh Mohammad, the UAE “will remain a global incubator for exceptional talents and a permanent destination for international investors. Our open environment, tolerant values, infrastructure and flexible legislation are the best plan to attract global investment and exceptional talents to the UAE”. That position will not only transform the quality of the UAE’s workforce, but also ensure social and economic stability and ensure a strong surge in home-grown talent. Along with that, the funds remitted by the UAE’s expat population — which stood at Dh164.3 billion in 2017 — could well be spent back in the local economy if residents settle in the country and possibly invest in the local real estate due to the benefit of a long-term visa.

How did the UAE markets react to the news?
Markets in the UAE rallied on Monday on the news, led mainly by property stocks: Shares of DAMAC and Aldar Properties both jumped over one per cent. Traders said the Cabinet decision will give comfort to investors in the country, especially property owners.

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