UAE: First Set of 'Projects of the 50' Revealed

The UAE government announced the first set of its ambitious ‘Projects of the 50’ venture. In commemoration of the Golden Jubilee of the UAE, the UAE is set to introduce 50 economic and social projects that will bolster UAE’s growth over the next 50 years and immensely attract businesspersons to carry out new business setup in Dubai.

While many of the economic activities around the world came to a grinding halt, the UAE was busy engineering its vision for its promising future. Mega projects continue to arise and economic developments in the UAE continue to take place at an indefatigable pace. Amidst these developments, the country also successfully placed into Martian orbit its Hope orbiter. And it is in this same era that many an expat from the neighbouring countries decided to carry out Dubai business setup.

In the midst of the blistering growth, the UAE has also managed to complete all arrangements for the world’s biggest event, and is set to receive upwards of 25 million people from over 200 countries. It also has unveiled the world’s largest Ferris wheel, Ain Dubai, and has completed constructing the unparalleled Museum of the Future.

Other landmarks in the making include the Midfield Terminal, One Zabeel, Ciel Dubai, Yas Bay, Abu Dhabi Hindu Temple, and the Abrahamic Family House.

On the governmental side, the UAE cabinet launched 33 initiatives to strengthen the economic sectors. A follow-up committee was also formed to oversee the implementation of the planned packages to add value to the economic growth rates.

The Emirates Bank Development Strategy will provide AED 30 billion to start-ups and businesspersons looking to carry out a new business setup in Dubai and its surrounding Emirates. This decision came as an effort to drive the national economy, finance more than 13,500 SMEs and create over 25,000 jobs.

The healthcare sector has shown impressive levels of skills while handling the coronavirus crisis, and has successfully managed to vaccinate 80% of the UAE populace, making it the highest vaccinated country in the world.

The launch of this ambitious venture to transform the UAE landscape was announced jointly by the ruler of Dubai and the crown prince of Abu Dhabi.

Prominent among the announcement was the set of 10 principles that all UAE government entities must abide by. These principles are particularly held in high regard by entrepreneurs and businesspersons setting up a business in Dubai. Below are the 10 principles that were announced on social media.

المبادئ العشرة لدولة الإمارات خلال الخمسين عاماً القادمة..تشكل مرجعاً لجميع مؤسساتها لتعزيز أركان الاتحاد وبناء اقتصاد مستدام، وتسخير جميع الموارد لمجتمع أكثر ازدهاراً، وتطوير علاقات إقليمية ودولية لتحقيق مصالح الدولة العليا ودعم أسس السلام والاستقرار في العالم. pic.twitter.com/N8gmf9XW3t

— محمد بن زايد (@MohamedBinZayed) September 5, 2021

Foundation of the projects

• Strengthening the Emirates will be of the utmost priority.
• Focus will be paid on making the Emirates the most dynamic economy in the world.
• UAE’s foreign policy will be implemented for higher national goals.
• The main ingredient in the development of the economy is human capital.
• Stability in social, political, and economical relations with neighbouring countries is the key to growth.
• The national mission of all UAE institutions is solidifying the UAE’s reputation as one nation.
• The progress in science and technology will redefine UAE’s frontiers.
• Openness and tolerance are an important tenet to the country’s beliefs.
• UAE’s foreign humanitarian aid is a vital part of the country’s vision.
• All political disputes will be resolved with peace and harmony.

Initiatives announced So Far

Relaxation in residency laws:

Dr Thani Ahmed Al-Zeyoudi, Minister of State for Foreign Trade of the UAE, announced that instead of the previous 30-days grace period for widows and divorced women, they can now remain for a full year in the UAE without visa.

Data law introduced:

The new data law, as introduced by the Minister of State for Artificial Intelligence, is the first federal law that was designed keeping in mind partnership with technological giants and entrepreneurs carrying out business setup in Dubai.

The crux of the law is to protect the identity of an individual. Under this law, individuals have the liberty to control how much of their personal information is used.

Work Permit for students aged 15-18:

As part of Projects of the 50, a new work permit allows students from the age of 15 to 18 to work in the UAE. This project was announced as part of the first set of the undertaking. This provision was introduced keeping in mind the students’ development and the ability to earn early experience.

100 Lighthouse projects in priority sectors:

Over the next decade, over AED 25 billion will be utilized to improve the 100 lighthouse projects.

Sarah Al Amiri, the Minister of State for Advanced Technology, said that this project is the advent of the fourth industrial revolution. According to her, this project will ensure the continuous growth of technological advancement.

A host of companies have already been launched, as well as a Readiness Index, which will provide companies with insight on how to carry forward.

Aiming to attract 100 coders every day:

Omar Al Olama, in a statement, said that the UAE aims to attract 100 talented coders every single day. He further said that he wanted the UAE to be the home to the best talent in the world, and that he wanted the UAE’s data law to become the gold standard for the whole world.

Earlier this year, the UAE had announced 100,000 gold visas to the best coders in the world. Emiratis will be part of this initiative and will play an important part in upskilling the community. The initiative also aims at making UAE the country with the highest ratio of female coders per capita in the next lustrum.

Green Visa:

With a UAE green visa, you can sponsor your son till the age of 25. Previously, they could only be sponsored until the age of 18. With the same visa, you can also sponsor your parents.

AED 5 billion for industrial sector:

Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, announced that the Emirate Development Bank will be allocated AED 5 billion to support the industrial sector. So, if you’re a budding entrepreneur looking to scale up in Dubai, then there couldn’t be a better time to conduct a Dubai business setup.

The funds allocated will be used for the R&D of advanced technology.

New investment portal launched:

A website called invest.ae has been launched by the UAE government.

Several international markets will participate in investing through this portal. These markets are from Holland, Russia, United Kingdom, Slovakia, Hungary, Indonesia, Luxembourg, China, Azerbaijan, Poland, Australia, and New Zealand.

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