U.A.E. Rolls Out Foreign Worker Plan, Visa Rules to Boost Growth - Bloomberg

U.A.E. Rolls Out Foreign Worker Plan, Visa Rules to Boost Growth - Bloomberg:

"The United Arab Emirates scrapped a mandatory deposit for private sector employees, freeing up about $3.8 billion for businesses, in its latest move to stimulate the economy. A new insurance plan costing 60 dirhams annually for workers’ guarantees will replace the mandatory deposit of 3,000 dirhams ($817) per employee, the state-owned WAM news agency reported. The oil-rich country is also loosening visa rules for job seekers and tourists. Lower oil and weaker regional economies are hurting growth in the U.A.E., where expatriates make up about 80 percent of the population. The country has reacted in recent weeks with a number of reforms, including changes to ownership structures for businesses. Dubai said it would cut numerous fees and Abu Dhabi announced a separate stimulus package."



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