Damac's Hussain Sajwani lauds UAE Gold Card permanent residency

Dubai-listed developer's chairman reportedly says Gold Card initiative will spur long-term investment in the Emirates

Hussain Sajwani is chairman of Damac.
Damac Properties
Hussain Sajwani is chairman of Damac.

Hussain Sajwani, chairman of Dubai Financial Market-listed Damac Properties, has praised the Gold Card permanent residency scheme that was unveiled earlier this week by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai.

Rolled out for certain investors and those with “exceptional capabilities” in the fields of medicine, engineering, science, and all arts, the scheme has been praised by many in the UAE.

In a statement shared with Construction Week’s sister title, Arabian Business, Sajwani said the scheme was a step towards weaving a “strong sustainable economy” for the UAE.

“The initiative will surely encourage more people to consider Dubai in their long-term investment and living plans,” added Sajwani.

Following the programme’s announcement, the Dubai Ruler took to his official Twitter handle and stated that 6,800 investors with a total investment of $27.2bn (AED100bn) would make up the first batch of Gold Card permanent residency recipients.

According to Sajwani, the 2018 announcement of long-term visas being issued in the UAE had generated increased global interest in the Emirates, and expats considering Dubai as their home would likely be influenced by the new visa updates.

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