Naturally the new 10-year visas will help generate more interest in property sales in the UAE as any improvement in the validity of visas will generate more interest as living here will be simplified. We witnessed a significant upturn in interest immediately after the cabinet announcement. Most clients are interested to know the details and we are advising them that more clarification is expected from the Government later this year. We do however have confidence that when all details unfold procedures will be made more "user friendly".
The announcement about investors being able to own 100% of UAE-based companies has been quite significant as we have been responding to potential clients who, again, see the situation being streamlined. Many foreign investors and business partners view the development as very positive as they will not need to find sponsors. This has been very apparent in the commercial sector with renewed interest where both residency and business ownership rules would be relaxed. Most business people see the potential of reducing some of the current costs and facilitating business development in an easier way. Simplifying business procedures will always lead to an upsurge in activity because people feel less constrained.
The new visa rules are likely to change some of the dynamics of Dubai because it has potential to offer people more security of tenure. If people can live longer in the UAE without having to run the risk of not getting a new visa it will impact how people feel about the UAE. The "feel good" factor always has an impact on property demand and these initiatives will, in my opinion, be positive. In my 20 years experience, potential buyers of property have always been interested in the ability to come and go as they wish and have residency visas with long validity.
Most business investors look for the freedom to determine ownership as they see fit and, therefore, business in general has reacted positively to the Government announcement. We are already seeing a surge in commercial interest as companies see the opportunity of establishing in a less constrained environment. Added to all the other advantages we see in the UAE this just enhances the offering. The UAE sits just to the west of the two biggest potential economies the world has ever seen - India and China - with 2.7bn people. I foresee a greater interest from those countries as they reach out and further globalise their businesses. The UAE is also at the forefront of a digital transformation that will link into the UAE's position in the global logistics and distribution chain. There is a great future in both these fields as we see new companies establish in the UAE. The UAE already has a global reputation for being a leader in transportation, technology and property development and we, as a company, are equipped to play our part in supporting the new changes.
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