UAE leads in global crypto adoption with real-world use cases

Unveiled: The UAE is at the forefront of driving cryptocurrency adoption across various industries, showcasing a range of real-world applications.

This surge has led to a significant increase in crypto ownership within the country, estimated at 27% of the UAE’s population. The broad acceptance of cryptocurrencies in the UAE can be attributed to strategic decisions at the state level and the nation’s dedication to embracing innovation and technology.

The UAE is taking a global lead in expanding cryptocurrency adoption beyond the financial sector. Government regulatory policies, known for their industry-friendly approach, are now structured, resulting in real-world use cases spreading rapidly across diverse sectors such as telecom and gaming, as per industry experts.

Companies are intensifying their efforts to fuel further growth, offering an expanding array of use cases. This aims to make digital currency adoption more inclusive and accessible across more industries without disrupting traditional systems, riding on the current upward trend in crypto ownership, estimated at 27 percent of the country’s population.

Embracing the crypto evolution: Institutional adaptation and the future of tokenized assets

“With regulations taking a structured shape, cryptocurrencies are finally finding value in several real-world use cases in diverse industries in the UAE,” shared Sergey Sheleg, Chief Product Officer at eSIM Plus, a global virtual SIM provider, with Arabian Business.

“One such example is as a payment option for basic telecom access, something we are seeing among a significant section of consumers in countries like the UAE,” he added.

Sheleg emphasized that the widespread ownership of cryptocurrencies in major economies validates growing investor trust in the UAE’s current regulatory environment.

However, he also noted that while this increase is positive, all stakeholders must ensure that crypto adoption is more inclusive, covering the entire spectrum of traditional and emerging sectors.

Sergey Sheleg, Chief Product Officer at eSIM Plus

UAE population actively involved in crypto industry

Dr. Sameer Al Ansari, CEO of RAK Digital Assets Oasis (RAK DAO), the world’s only common law free zone exclusively dedicated to non-regulated digital and virtual asset companies, stated that the UAE population is actively involved in the crypto industry.

“RAK DAO is excited to see 27.67 percent of the UAE population actively involved in cryptocurrencies,” Al Ansari shared with Arabian Business.

He highlighted that this statistic signifies a transformative shift towards digital assets and investments, positioning them as a significant force shaping the dynamic landscape of the UAE.

Dr. Sameer Al Ansari, CEO of RAK Digital Assets Oasis (RAK DAO)

Phillip Lord, President of Oobit, a crypto payments app, and co-founder of Pimlico Partners Middle East, emphasized that the increase in crypto owners underscores the immense potential of digital currencies.

“Companies are adopting an approach that integrates the benefits of cryptocurrency and Web3 without disrupting the traditional system. This cultivates a more inclusive and accessible financial landscape, expediting cryptocurrency’s widespread adoption and further growth,” Lord shared with Arabian Business.

“The key insight is to empower individuals to seamlessly use their crypto holdings for everyday transactions without altering the familiar system,” he added.

“For instance, at Oobit, we optimize the existing contactless payment infrastructure with additional advantages,” Lord explained.

Bill Qian, Chairman of Cypher Capital, a venture capital firm based in the UAE focused on crypto, blockchain, and digital asset-related projects worldwide, mentioned that besides the UAE, the GCC region is also experiencing a remarkable uptick in crypto investment.

“This is buoyed by the exceptionally friendly regulatory landscape towards digital assets,” Qian noted with Arabian Business.

Bill Qian, Chairman of Cypher Capital

Gaming industry sees surge in digital currency adoption

Industry experts pointed out that the gaming industry in the UAE – and the wider region – is one of the major beneficiaries of the surging and widespread adoption of digital currencies.

Mohsin Waqar, CEO of Senet System, a ‘skill to earn’ Web3 gaming platform with significant influence in the Middle East, said the surge in crypto adoption, signaling a transformation beyond finance, is rapidly permeating into diverse industries, notably gaming.

“The launch of the ‘Dubai Program for Gaming 2033’ by Sheikh Hamdan bin Mohammed Al Maktoum last month is a clear testament to the visionary convergence of technology and innovation – an initiative that may ultimately position Dubai as a premier crypto hub and global gaming powerhouse,” Waqar stated with Arabian Business.

He mentioned that the existing prevalence of regulatory bodies in the region, such as the Securities and Commodities Authority (SCA), is playing a crucial role in establishing and implementing regulation, along with the GCC’s geo-locations as a thriving business hub with a keen interest in shifting towards smart city schematics.

“The recent data that suggests over 27 percent of the UAE population is actively involved in the crypto industry reflects a profound shift in how individuals perceive and engage with digital and financial assets,” Waqar concluded.

Mohsin Waqar, CEO of Senet System

Bundeep Rangar, CEO of Fineqia, a publicly listed Canadian company giving investors exposure to a diversified portfolio of crypto-related investment opportunities, told Arabian Business the widespread adoption of cryptocurrency in the UAE can be attributed to the strategic decisions made at the state level.

“Reflecting a progressive and forward-looking approach, the UAE government has articulated its ambition to position the nation a decade ahead of the rest of the world’ in terms of innovation and technology adoption,” Rangar stated.

“This commitment to staying at the forefront of technological advancements aligns with the UAE’s economic openness and favorable tax policies, creating an environment conducive to the seamless integration of cryptocurrencies into the financial ecosystem,” he added.

Publish 2 Jan 2024

Source: https://www.arabianbusiness.com/money/wealth/alternative-assets/revealed-uae-leads-the-world-in-spreading-cryptocurrency-adoption-across-industries-with-range-of-real-world-use-cases

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Dubai introduces the ‘Dubai Unified Licence’ (DUL) to streamline and digitize the business approval process.

The DET collaborates with the Dubai Free Zones Council for seamless implementation of the DUL initiative.

The DUL assigns a unique commercial identification to all businesses, whether operating with a mainland or free zone license, introducing a unified digital registry. This collaboration consolidates economic establishments in Dubai and its Free Zones into a single platform for data management, collation, and sharing.

The initiative aims to standardize and streamline business processes, enhancing efficiency and reducing the time required for companies to establish and manage operations. The unified digital platform ensures transparency and easy access to business-related information, attracting international investors and entrepreneurs.

Establishments undergo thorough validation, verification, and screening to receive their unique digital identity. To date, DET has issued over 50,000 licenses and plans to issue more, covering all registered companies in Dubai mainland and Free Zones.

Helal Saeed Al Marri, Director-General of the Dubai Department of Economy and Tourism, highlights the initiative’s alignment with Dubai’s forward-thinking mindset, fostering sustainable economic growth and innovation.

Collaboration between DET and the Dubai Free Zones Council ensures the seamless implementation of the DUL initiative. Dr. Mohammed Al Zarooni, Secretary-General of the Dubai Free Zones Council, emphasizes the achievement of a unified license system in record time through constructive cooperation.

The DUL facilitates easy access to company information, allocating a license number specific to the mainland or free zone authority. It enables instant data sharing, reinforcing compliance frameworks and ensuring the UAE economy’s integrity.

The DUL streamlines business verification, providing access to verified DUL data in a digital repository. It simplifies the issuance of No Objection Certificates and permits for economic activities. The initiative offers unified and verified information about existing businesses, with plans to facilitate banks in opening accounts for Dubai-based companies with enhanced ease and efficiency.

Ahmad Khalifa Al Qaizi Al Falasi, CEO of Dubai Business Licence Corporation (DBLC), considers the DUL launch a significant milestone in digitalizing government services, providing a unified identification for all economic establishments while adhering to privacy policies.

Businesses can use their unique DUL QR Code on premises, websites, and social media accounts for easy verification. Existing businesses will receive their unique ‘Dubai Unified Licence’ Number and QR codes during this phase.

DET’s Dubai Business Licence Corporation will oversee the DUL system, and the Dubai Free Zones Council will coordinate with each free zone for updated license data and contact information.

Publish Tue 12 Dec 2023

Source: https://www.arabianbusiness.com/politics-economics/dubai-launches-dubai-unified-licence-in-bid-to-streamline-and-digitalise-business-approval-process

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Why is the UAE Great for European Investors and Start-Ups?

The United Arab Emirates (UAE) has emerged as a highly favorable destination for both European investors and start-ups in recent years. This vibrant nation, located at the crossroads of the Middle East, offers a multitude of compelling reasons for European entrepreneurs and investors to explore its business opportunities. In recent years, the United Arab Emirates (UAE) has emerged as a magnetic force for businesses worldwide. Among the most captivated are European investors and start-ups, drawn to the UAE’s bustling economy, strategic location, and an alluring mix of innovation and tradition. This blog explores why the UAE has become an irresistible destination for European entrepreneurs seeking to expand their horizons and venture into the Middle East’s vibrant markets.

Reason #1: Growing Economy and Strategic Location

The UAE boasts a thriving economy with a diverse range of sectors, providing a conducive environment for European investors looking to diversify their portfolio. Its strategic location acts as a bridge between Europe, Asia, and Africa, presenting an unparalleled opportunity to access multiple markets from a single base. With state-of-the-art transportation and logistics infrastructure, the UAE facilitates the seamless movement of goods and services, making it a strategic hub for businesses to extend their global reach.

Reason #2: Business-Friendly Policies

When it comes to doing business, the UAE is a pioneer in offering a business-friendly ecosystem. One of the most enticing aspects for European investors is the absence of corporate and income taxes in many Emirates. This taxation advantage optimizes profits, making it an alluring proposition for businesses of all sizes. Moreover, the UAE government has streamlined regulatory procedures, making the process of setting up and operating businesses remarkably smooth and efficient.

Reason #3: A Booming Start-Up Culture

For European start-ups, the UAE presents a dynamic and innovative environment that fosters growth and nurtures budding entrepreneurs. Cities like Dubai and Abu Dhabi have witnessed a surge in start-up activity, with co-working spaces, incubators, and accelerators providing valuable support to early-stage ventures. The country’s commitment to promoting technology-driven solutions has given rise to opportunities in fintech, health tech, artificial intelligence, and sustainable technologies.

Reason #4: Access to Lucrative and Diverse Markets

The UAE is renowned for its diversified economy, creating a wealth of opportunities for European businesses. From real estate and tourism to finance and technology, there are ample sectors for investors and start-ups to explore and capitalize on. The high per capita income and a substantial affluent consumer base make the UAE an attractive market for premium products and services.

Reason #5: Abundant Funding Opportunities

Securing funding is often a significant challenge for start-ups. However, the UAE’s burgeoning venture capital and angel investor community have been actively supporting innovative entrepreneurs. European start-ups with compelling business ideas and scalable models find a wealth of opportunities to raise capital, paving the way for accelerated growth and expansion.

The UAE prides itself on being a cultural melting pot, embracing people from all corners of the globe. European investors and entrepreneurs find a welcoming and inclusive environment, making it easier to adapt and integrate into the local business landscape. As the country continues to innovate and evolve, it solidifies its position as a global business hub, attracting ambitious European entrepreneurs and investors eager to unlock new horizons.

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RAKEZ COP28 Business Set-Up Offer

Businesses are offered special set-up rates and sustainable start-up rates by a UAE free zone ahead of COP28.

Ras Al Khaimah Economic Zone (RAKEZ) introduces a groundbreaking COP28 business set-up offer, extending a two-year license with no fee for office set-ups, providing entrepreneurs a cost-effective solution for establishing eco-friendly operations in the UAE.

This strategic move aligns seamlessly with COP28 goals, demonstrating RAKEZ’s dedication to sustainable practices by offering tailor-made packages, assisting businesses in contributing to a greener future.

RAKEZ business set-up deal in UAE

RAKEZ pioneers such a forward-thinking initiative as the first economic zone in the UAE.

For businesses needing more physical space, RAKEZ offers a customizable bespoke package for warehouse setups, allowing efficient and sustainable practices.

RAKEZ Group CEO Ramy Jallad stated, “We started early on sustainability and energy-saving programs at RAKEZ, diligently working towards an eco-friendly business environment.

Our commitment is not just in words but in actions, offering substantial support and incentives to businesses that align with our vision. At RAKEZ, we are firmly committed to fostering growth, innovation, sustainability, and exceptional customer service.

As we approach COP28, it becomes increasingly crucial to unite in addressing climate change and shaping a more sustainable future.

Our new COP28 business set-up offer is a clear demonstration of our unwavering dedication to these ideals.

We are proud to be at the forefront of this movement, actively supporting businesses that share our vision and providing them with the necessary resources to make a positive impact”.

The RAKEZ COP28 offer is not just about licenses and workspaces; it is about empowering businesses to thrive in an environmentally responsible manner.

The package includes a range of benefits such as exclusive services from RAK Municipality’s Energy Efficiency and Renewables and RAK Ports, access to value-added services from RAKEZ, free zone and non-free zone set-up options, and exclusive discounts, among many others.

Publish Date: 27 Nov 2023

Source:

https://www.arabianbusiness.com/politics-economics/uae-free-zone-announces-no-fee-business-set-up-service-ahead-of-cop28

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Dubai Tops the Global List for Preferred Expat Destinations

Dubai stands as the world’s most sought-after city for international relocation.

A recent analysis by financial services provider Remitly reveals that Dubai holds the top position as the city people worldwide aspire to move to.

This ranking, compiled from 12 months of Google search data, unmistakably places Dubai in the lead, with Miami, Paris, and New York following closely behind.

Dubai: The Ultimate Dream Destination

Global immigration is on the rise, with individuals seeking overseas travel for a myriad of motives.

As of 2020, an estimated 281 million people lived in a country other than their place of birth, marking a substantial increase of 128 million since 1990. This accounts for approximately 3.6% of the world’s population.

The study conducted by Remitly involved an analysis of Google search volumes for the phrase “move to [city]” across 164 countries globally. The outcome is a comprehensive ranking based entirely on how many countries favor relocating to a specific city over all others.

Dubai emerges as the clear favorite, topping the wish lists of a remarkable 60 countries.

Searches for relocating to Dubai were more prevalent than any other city in 60 countries, including India, Pakistan, the UK, Italy, Canada, the USA, Australia, and Sri Lanka.

Top Choices for Dream Immigration

Dubai, 60 (the number of countries desiring it the most)
Miami, 12
Paris, 10
New York City, 8
Madrid, 8
Singapore, 8
London, 6
Brussels, 6
Toronto, 3
Washington DC, Buenos Aires, Christchurch, Quebec City, Bogota, Portland, Vienna, Phoenix, Chicago, 2

Remitly states: “Renowned for its ultramodern architecture, vibrant nightlife, year-round sunshine, and abundant job opportunities, Dubai is globally regarded as an immensely attractive place to live. Its population increased by almost 100,000 during the 12-month period from 2022 to 2023.”

“For those seeking a fresh start in a city where making friends from all corners of the world is easy, Dubai emerges as the perfect relocation destination.”

However, UAE residents express interest in relocating to Singapore, another city featured in the top ten list, known for its diverse expat community and ample job prospects.

In Canada and the US, “move to Dubai” was by far the most popular search term.

Out of 50 US states, 37 selected Dubai as the most searched-for international relocation destination, and seven out of 10 Canadian provinces favored the UAE city.

In Europe, 14 countries placed Dubai at the top of their list, while residents of seven Asian countries preferred Dubai over any other location.

Similarly, African and Oceanic regions designated the UAE city as the prime choice for international relocation.

Jago McKenzie, Business Management Director at Remitly, explains: “People are increasingly considering the idea of relocating to another country at least once in their lifetime, whether for better job prospects, improved quality of life, or higher income to support their families back home.”

“With this in mind, it’s no surprise that people worldwide are searching for information about the city that could become their next home.”

“Dubai is the undisputed winner in our study, with its abundant job prospects, appealing lifestyle, and fantastic weather. It’s easy to see why it’s the top choice.”

Publish Date: Mon 6 Nov 2023

Source:

https://www.arabianbusiness.com/culture-society/dubai-ranked-most-popular-city-in-world-for-expat-immigration

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UAE: The World’s Second Most Economically Stable Country!

The United Arab Emirates (UAE) has achieved the world’s second-highest economic stability ranking, supported by factors like entrepreneurial opportunities, easy access to capital, a skilled labor force, adaptability, competitiveness, and strong international trade, as indicated in a recent study. According to findings from the US News & World Reports, the UAE also boasts a per capita gross domestic product (GDP) comparable to top Western European nations and holds the title of the most competitive economy in the Arab world.

With a total GDP of $508 billion (equivalent to Dh1.86 trillion) and a per capita income of $87,729, the UAE is the second-largest economy in the Gulf Cooperation Council (GCC) region. The country has set an ambitious target of reaching Dh3 trillion by 2030 through innovative economic diversification strategies, which include embracing the Fourth Industrial Revolution, leveraging advanced technologies to enhance research capabilities, fostering future industries, and promoting foreign direct investments.

Moreover, the UAE boasts some of the world’s largest sovereign wealth funds, including the Abu Dhabi Investment Authority, Mubadala, Investment Corporation of Dubai, Dubai World, ADQ, and others. These entities collectively hold trillions of dirhams in assets, providing a robust financial cushion against global economic volatility.

According to the US News & World Reports, Switzerland holds the top spot as the most economically stable country, with the UAE following closely behind. Other economically stable nations on the list include Canada, Germany, Japan, Sweden, Australia, Netherlands, Norway, and Denmark.

Publish Date: Tue 31 Oct 2023

Source:

https://www.khaleejtimes.com/business/economy/uae-rated-worlds-second-most-economically-stable-country

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Esaad Card Holders Gets 30% discount on Business Setup services at Smart Zones® UAE

We’re excited to announce that Smart Zones® UAE has established a partnership with the Dubai Police, giving exclusive offer get 30% discount on Business Setup services via the Esaad Privilege Card!

Esaad cardholders and their associates can now benefit from a generous 30% discount on our Business Setup services in Dubai, UAE. To access these special offers, just present your Esaad Card along with your Emirates ID.

Please note that specific terms and conditions are applicable.

Offer available until 19 Sep 2024

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ADGM’s assets under management have surged by 35% in the first half of the year

The Abu Dhabi Global Market has experienced a remarkable 35% growth in assets under management during the first half of 2023, solidifying its status as the fastest-growing financial hub in the region.

A total of 102 asset managers, including investment firms and hedge funds overseeing 128 funds, established their presence in the capital’s financial center over the six-month period.

In the six months leading up to June, 46 international and regional companies received in-principle approval to operate within the ADGM. This represents a staggering 119% increase compared to the same period last year, and these companies are poised to become fully operational soon, according to ADGM’s statement on Thursday.

Ahmed Al Zaabi, chairman of the Abu Dhabi Department of Economic Development and ADGM, commented, “The significant presence of major global players choosing Abu Dhabi as their business base signifies a major transformation that supports the growth and diversification of the falcon economy. We are thrilled to witness ADGM’s growth, further reinforcing our position as the fastest-growing international financial center in the region.”

Abu Dhabi’s economy has continued to thrive, implementing various programs to attract global market participants and leverage its entrepreneurial infrastructure and business-friendly regulations.

In the first quarter of the year, the non-oil economy of the UAE capital grew by 6.1% annually, with the sector’s gross domestic product reaching its highest level in nine years, driven by a strong diversification effort, according to Statistics Centre Abu Dhabi.

In May’s Annual Investment Conference, Mr. Al Zaabi announced that the emirate’s GDP exceeded Dh1.1 trillion ($299.5 billion) in 2022, marking a substantial 9.3% growth over 2021, with the non-oil sector accounting for half of this figure. Abu Dhabi aims to boost its non-oil exports by 143% to Dh178.8 billion by 2031.

Meanwhile, AUMs (Assets Under Management) in the GCC are expected to surpass the global average, reaching approximately $500 billion in onshore assets by 2026, up from $400 billion at the end of 2022, as per a report by PwC unit Strategy& published last month.

Alan Howard, founder of fund management firm Brevan Howard, managing over $30 billion of assets globally, remarked, “Abu Dhabi and ADGM offer a transparent and business-friendly environment to the banking, FinTech, and investment management industries. It is an important global hub with tremendous potential.”

Notable global firms that have chosen ADGM as their base in 2023 include the Asian Infrastructure Investment Bank (AIIB), Apollo, Ardian, Blackstone, Fidera, Fifth Wall, Goldman Sachs, Ray Dalio’s family investment office, SBI Capital, Tikehau Capital, and Vibrant Capital.

Earlier this year, the AIIB, a $100 billion multilateral development bank headquartered in Beijing, signed an agreement to open its first overseas office in the ADGM, set to open on September 19.

ADGM is also a preferred destination for local and regional firms, including Abu Dhabi holding company ADQ, Abu Dhabi artificial intelligence company G42, Chimera, Gulf Capital, OneIM, and Investcorp.

Rajeev Misra, chief executive of OneIM, stated, “Abu Dhabi has become an international hub for investors, employers, and employees alike. [It] enables us to pursue many of the exciting opportunities we see in this region and to propel the firm into the next stage of its journey.”

During the first half of 2023, the ADGM’s Financial Services Regulatory Authority began implementing its sustainable finance regulatory framework, encompassing the region’s most comprehensive environmental, social, and governance disclosure requirements.

Additionally, ADGM introduced a regulatory framework for funds, discretionary managed portfolios, bonds, and sukuks aimed at accelerating the UAE’s transition to net-zero greenhouse gas emissions.

This complements ADGM’s existing regulation of carbon offsets, facilitating the establishment of the AirCarbon Exchange, the world’s first regulated carbon offsets exchange and clearing house within ADGM.

Another significant development was the tenfold expansion of ADGM’s geographic area, extending its jurisdiction to include Al Reem Island, in addition to the existing Al Maryah Island. This positioning makes ADGM one of the largest financial districts globally, covering an area of 14.38 million square meters.

Publish Date: 14 Sep 2023

Source: https://www.thenationalnews.com/business/economy/2023/09/14/adgms-assets-under-management-up-35-in-first-half-as-it-attracts-more-businesses/

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The wealth of UAE is projected to reach $1.3 trillion by the year 2027, says report.

In 2022, equities and investment funds remained the primary asset class in the UAE, comprising 58 percent of total personal wealth, according to a report.

A new report anticipates robust financial growth in the UAE, with a projected Compound Annual Growth Rate (CAGR) of 5.5 percent in new wealth.

The Boston Consulting Group’s (BCG) ‘Global Wealth Report 2023: Resetting the Course’ predicts that the nation’s wealth will increase from $1 trillion to $1.3 trillion between 2022 and 2027.

Equities and investment funds continued to dominate the UAE’s asset landscape in 2022, making up 58 percent of total personal wealth.

However, bonds are expected to experience the fastest growth, with a CAGR of 8.4 percent from 2022 to 2027, while life insurance and pensions are projected to become the third-largest asset class by 2027.

“This remarkable growth reflects the compelling value proposition the country has developed for high-net-worth individuals (HNWIs),” noted Mohammad Khan, Managing Director and Partner at BCG, highlighting the UAE’s financial progress.

UAE Ultra-High Net Worth individuals contributed over $100 million in 2022

The report also highlighted the significant contribution of Ultra-High Net Worth (UHNW) individuals, valued at over $100 million, who represented approximately 25 percent of the UAE’s financial wealth in 2022. This trend is expected to continue through 2027.

Meanwhile, individuals with wealth ranging from $1 million to $20 million held 32 percent of the UAE’s wealth in 2022, and this is projected to increase to 34 percent by 2027.

“Not only do they drive innovation and investment in the region, but they also underpin its sustained growth,” emphasized Lukasz Rey, Managing Director and Partner at BCG, underscoring the role of HNWIs in the UAE’s economic success.

The report also revealed that the UAE’s real assets and liabilities grew by an annual rate of 7.5 percent from 2017 to 2022, reaching $1.9 trillion. These assets are expected to grow by 6.9 percent per year, reaching $2.6 trillion by 2027.

This balanced growth indicates a nation with confidence in taking calculated risks, which could potentially enhance overall economic growth.

The report also offers insights into wealth management, outlining eight initiatives to achieve sustainable profitability in the sector.

These initiatives include scalable client acquisition, private-market offerings, a focus on fixed-income products, and the integration of generative artificial intelligence (GenAI) in financial advice.

On the cost side, strategies encompass end-to-end (E2E) process reviews, informed outsourcing decisions, utilization of third-party technology, and simplification of products and services to streamline operations and meet diverse client needs.

“To ensure long-term profitability in wealth management, strategic adoption of initiatives such as scalable client acquisition, unique private-market offerings, and the integration of GenAI in financial advice can revolutionize revenue generation,” added Khan.

Publish Date: 12 Sep 2023

Source: https://www.arabianbusiness.com/money/wealth/uae-wealth-to-hit-1-3-trillion-by-2027-says-new-report

Dubai: The issuance of Golden Visas in the first half of 2023

Dubai has experienced a substantial surge of 52 percent in the issuance of Golden Visas during the first half of this year, in comparison to the same period in the previous year.

As reported by the General Directorate of Residency and Foreigners Affairs (GDRFA) – Dubai, the Emirate has witnessed a significant 63 percent increase in the issuance of residency visas this year, along with a notable 21 percent growth in tourism.

These developments coincide with the announcement by the GDRFA regarding an upcoming global conference focused on the future of port policies. Dubai will play host to this conference, which aims to delve into the future of travel and provide a platform for the exchange of ideas and experiences among international experts in the realm of border port management.

Publish Date: Tue 12 Sep 2023

Source: https://www.khaleejtimes.com/uae/dubai-over-50-increase-in-golden-visas-issued-in-first-half-of-2023

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