Hassan Soukar
Feb 20, 20212 min
The “Thrive in Abu Dhabi” initiative will offer 10-year visas and a path to citizenship to expat professionals, students and investors.
Among the eligible candidates are investors willing to contribute to expanding financial services and the emirate’s sustainable development. The scheme is also looking to expats to invest in the local property market, encouraging them to make Abu Dhabi their “forever home”.
The move comes at a time when expat populations in GCC countries are falling. A report from rating agency S&P showed that the region's population fell by an average of 4% in 2020. The principal cause was an exodus of expats due to the pandemic and falling oil prices, according to S&P.
An additional factor is a drive among some Gulf Cooperation Council (GCC) states such as Kuwait and Saudi Arabia to reduce their expat population and promote more of its own population to senior positions. In Oman, the expat population fell by 12% in 2020.
“These changes could have repercussions for the regional economy and pose additional challenges to diversifying away from its heavy reliance on the hydrocarbon sector in the long run, if not met with economic and social reforms that foster human capital,” added S&P.
The combination of workforce nationalisation and subdued non-oil sector is likely to result in a continued fall in foreigners in the region, states the S&P report.
Arabian Travel Week to Focus on Recovery of Middle East Tourism
Etihad Cargo Joins UNICEF Humanitarian Airfreight Initiative
Airbus to Showcase World-Class Technologies and Space Capabilities at IDEX 2021
Abu Dhabi Rolls Out Green Public Transport Fleet of Buses
Dubai Baja Draws an Impressive Assembly of 93 Competitors From 12 Countries
Vaccine Distribution Challenges Underscore the Need for Innovative Solutions, Says JAGGAER
Global Business, Financial News, Market Data and Analysis published here are delayed at least 24 hours.