Wednesday, 5 May 2021

#UAE shakes up residency rules by offering passports to wealthy expats | Financial Times

UAE shakes up residency rules by offering passports to wealthy expats | Financial Times

Airline bosses, tech entrepreneurs and a former Real Madrid footballer are among those to be granted United Arab Emirates nationality, as the Gulf state revamps the long-established relationship with its wealthy expatriate workers.

The issuing of passports to dozens of foreigners in recent months is a significant change from the UAE’s traditional way of treating expats, who have been encouraged to leave the territory when their work ended.
Now the government, boosted by the success of its Covid-19 vaccination programme, hopes to convince more wealthy incomers to stay in an effort to boost domestic spending and sustain property prices.

“We want people to call Abu Dhabi home,” said Mohammed Al Shorafa Al Hammadi, chair of the UAE capital’s department of economic development. “The right perception is that you’re not here for the short-term, you’re here to grow and live . . . through retirement.”

The first batch to be awarded passports includes Sir Tim Clark, the veteran president of Dubai’s Emirates airline, and Tony Douglas, chief executive of Abu Dhabi’s Etihad Airways, according to people briefed on the decision. Michel Salgado, the Spanish footballer who runs a soccer club in Dubai, has also received a passport. They all declined to comment.

Others include the founders of two successful UAE start-ups: Careem, a ride-hailing app bought by Uber, and Souq.com, an ecommerce group acquired by Amazon. They all declined to comment.

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