Dubai Chamber of Commerce and Industry has announced that it has signed a memorandum of understanding (MoU) with the General Directorate of Residency and Foreigners Affairs (GDRFA) and Dubai Free Zone Council to launch the “Be Part of Dubai” initiative which will see 200 prominent African investors receive UAE Golden Residency Visas.
The MoU, signed at a launch ceremony held on the sidelines of the Global Business Forum Africa 2019 in Dubai, supports ongoing efforts to attract and retain high net worth businessmen from Africa by providing them with an easy and streamlined way to obtain long-term visa residency visas and significantly contribute to Dubai’s economy.
The initiative aims to improve investor confidence in Dubai, by providing more certainty and flexibility for African investors and their families who plan to live or travel to Dubai, while it’s also expected to facilitate and boost investment flows between the emirate and the continent.
The strategic partnership agreement was signed by H.E. Hamad Buamim, President and CEO of Dubai Chamber; H.E. Major General Mohamed Ahmed Al Marri, Director General of GDRFA; and H.E. Dr. Mohammed Al Zarooni, Secretary General of Dubai Free Zones Council.
As part of the agreement, the three entities will work together to identify priority sectors for attracting investments to Dubai, in line with Dubai’s income diversification targets. They will also collaborate to familiarise African investors of the nature and scale of opportunities available in each sector, as well as with the incentives offered by the Government of Dubai to enhance ease of doing business.
H.E. Buamim said the “Be Part of Dubai” initiative supports Dubai Chamber’s efforts to attract prominent African investors and businessmen to Dubai, boost the emirate’s appeal as a preferred hub for African companies, improve ease of doing business and expand trade links between Dubai and the continent. He noted that the Chamber has made considerable progress in achieving progress towards these objectives through its GBF Africa platform which has seen its significance and reach grow over the years.
“This strategic agreement supports Dubai’s strategic vision to diversify its economy, cement its status as a preferred destination for foreign direct investment and enhance its economic competitiveness on a global level,” said H.E. Buamim, adding that Dubai Chamber would continue to work with its partners and key stakeholders to develop new initiatives to attract foreign investors to Dubai and provide them with the resources and support that they need.
For his part, H.E. Major General Mohamed Ahmed Al Marri, Director General of GDRFA said, “The Department is working to implementing the vision of our wise leadership and support its initiatives, which are always a driving force for comprehensive and sustainable economic and social development.”
He stressed that the Department seeks through this agreement to join efforts with various concerned parties in order to facilities the procedure for issuing entry and residence permits to various vital sectors in the Emirate and contribute as a joint team with the Dubai Chamber and DAFZA to make it easier business environment for investors and traders, in order to attract more foreign investment in the country and encourage entrepreneurs to make a qualitative leap for the economy in the country.
Al Marri added that the GDRFA Dubai is continuing its efforts to enhance the relations of cooperation with various departments and institutions in the Emirate of Dubai to work together to develop and improve the services provided and achieve happiness to rank the UAE among the investment cities in the world.
H.E. Dr. Mohammed Al Zarooni, Secretary-General of Dubai Free Zones Council said: Last week, it was announced that His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, granted golden residency visas to 2,500 scientists, researchers, doctors, and innovators.
Currently, underway at Madinat Jumeirah, the fifth edition of GBF Africa brings together heads of state, minister, policymakers, business leaders, investors, entrepreneurs and industry experts from Africa and the UAE for a two-day forum exploring investment opportunities that are emerging across the continent.