Thursday 14 June 2018

U.A.E. Extends Stimulus Blitz by Ditching Costly Worker Deposits - Bloomberg

U.A.E. Extends Stimulus Blitz by Ditching Costly Worker Deposits - Bloomberg:

"The United Arab Emirates is on a blitz.

In the past three weeks, the federal government and regional sheikhdoms have announced a slew of measures designed to stimulate and diversify their oil-dependent economies. The latest: scrapping the billions of dollars private businesses have to lay out to hire the foreign workers they depend on.

Businesses will now pay an annual fee of 60 dirhams ($16.34) per worker instead of a deposit of 3,000 dirhams, state-owned WAM news agency reported. The oil-rich country is also loosening visa rules for job seekers, tourists and students to encourage people to come, stay longer and spend more."



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