UAE Emiratization and Permanent Residency Queries – Generic Commentary

The global financial crisis took all countries by surprise and was much bigger than any economy or large companies across the world. It is not really helpful for anyone to claim wisdom in hindsight. Learning the lesson well is the true bottom line of this crisis. I have always repeated that only the one who works is one who is likely to commit errors. But the most important thing 1s to learn not to repeat the same error twice. Definitely gaps that may be revealed through current reform efforts will be immediately addressed and rectified. By Ro’ya Al Iqtesadiah newspaper Your Highness, you have put Emiratization on top of the country’s development priorities. Over the years, the UAE population has grown significantly to the extent that expat residents have become absolute majority. Meanwhile, number of private sector companies has significantly increased as well. How do you see this impacting the UAE nationals’ job opportunities? Do you believe it might be necessary to expand the Emiratization plan to cover a larger portion of the private sector companies? The Emiratization plan is primarily based on training and qualifying UAE nationals, equipping them with all necessary tools and competencies and supporting them to confidently compete in the job market. I am positive that most of the private sector companies prefer to recruit UAE nationals as part of their Corporate Social Responsibilities. Also salaries of UAE nationals — however high they may appear to be - are far less than those of expats. Employing a UAE national will open the door for more interaction with government departments and local customers, who are eventually the highest spenders. If some companies fall short of their responsibilities toward the local workforce, then the government will intervene through a set of measures and incentives to encourage these companies to live up to the expected level of responsibility. By Ro’ya Al Iqtesadiah newspaper Many countries have applauded the UAE’s hospitality and praised the level of respect it shows to the expat communities and the freedom it offers them to lead their business and social lives in perfect ease. This encouraged many expats to reside in the UAE for long period of time, evolving the same habits and traditions of the local community as well as significant loyalty to this country. Some of those expats felt optimistic about recent announcements made by some real estate companies that property buyers in certain projects in Dubai or Ajman will be offered “permanent UAE residency.” Other companies have completely closed the door of speculation regarding the same issue. How does the government perceive=2 Othe “Permanent Residency” promise? And are there any eventual plans to adopt it in the UAE? Offering residency is absolutely far beyond the jurisdiction of any real estate company. It is a sovereign issue governed by laws and regulations. But I wonder if one buys property in London, Paris, Cairo, or Beirut does this mean obtaining a permanent residency there? We are very keen to ensure convenient conditions for expat property owners. However, we will be issuing a new law that includes a long multi-visit permit soon. DALAL ABU GHAZALA, Al Hayat Newspaper The UAE has proven remarkable capability in managing previous crises, including the Gulf First or Second Wars and 9/11 events in the US. What are the steps endorsed by the country’s supreme leadership to overcome the current financial crisis? And do these measures include re-evaluating the UAE’s strategy and its plans for the coming few years? HOUSE_OVERSIGHT_024949