The UAE to allow 100% foreign ownership for businesses and Residency Visas for Investors and top global talent

UAE Cabinet

The UAE Cabinet’s announcement for sweeping reforms is quite significant, especially given the debate that has been happening around the topic whether within the community or the Federal National Cabinet (FNC). This debate was mainly based on concerns over the demographic imbalance and how will such a move effect locals (who happen to be a minority out of a population of slightly over 9 million).

The government first hinted of its direction to attracting top talent from around the world when the UAE Vision 2021 -also known as the National Agenda- was first announced in 2010. The idea was later announced by the Ministry of HR & Emiratisation a couple of years ago. What remained till yesterday was a legislation and a mechanism for implementation (which we have yet to see).

Of course, the question now is; what short term and long term effects will this move have on the economy and the job market?

Click Here to read the announcement

Author: Talib Hashim

Abdulmuttalib Al Hashimi (Talib) was born in 1977. He grew up in a sleepy town called Rashidiya, a far cry from the lights and bustle of Dubai. Talib began his career taking on a number of odd jobs (Yes, the legend of the one month stint he landed as a Magician/Promoter in the summer of '96 during the Dubai Shopping Festival is true). His first taste of the corporate world came with the large international bank HSBC, where he started in a small role as a 'Recovery and Debt Collector'. Fortunately, he moved up quickly during his tenure in the bank and was eventually recruited to be part of an elite team of Traders in the banks Global Market department. Inspite of the "Wall Street" like glitz and glamour that came with his role; Talib decided to submit his resignation in the summer of 2006 and say 'Adios' to his cubicle, a regular income -a well paying one too-, his SUV and the life of employment. Together with a young Emirati lady, he established Next Level Management Consultancy, a recruitment firm with specialisation in the niche market of 'Emiratisation' (Employing and developing UAE citizens). He is always proud of the fact that he has helped numerous Emiratis find employment. And he would like to think that he contributed -even if a little bit- to helping them lead happier and more fulfilling lives. Talib holds a Masters Degree in Strategic Project Management. He is an expert in Emiratisation and GCC national employment issues and initiatives. He is also a regular speaker on the topics of employment, development of people, Emirati entrepreneurship and also cultural challenges in the workplace. He also gives a series of motivational speeches titled "10 lessons I learned in 2009". Talib is an expert in multi-cultural issues that influence the Arab workplace and helps companies bridge the gap between their expatriate and local staff. He is often accused by some to be an idealist and a dreamer, however, Talib works tirelessly to become an agent of positive change in society (and ofcourse achieve amazing success as an Entrepreneur in the process). Talib believes that all Arab youth deserve the opportunity and the right to pursue their dreams and aspirations regardless of their race, caste, colour, status and family name in society; and hence he is a strong advocate of national and Arab youth empowerment. He has a passion for travelling and backpacking. He enjoys reading books on history, autobiographies and self improvement. He is currently trying to improve his sketching skills.

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