The UAE has initiated discussions on introducing golden and silver business licences, each valid for extended periods of up to 10 years, aiming to bolster economic activities and attract more talent and investment to the country.
The Economic Integration Committee, chaired by Abdullah bin Touq Al Marri, Minister of Economy, convened to deliberate upon the proposal, with the meeting attended by prominent officials including Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and other senior figures.
The envisioned licences are expected to be issued at competitive prices, with the objective of augmenting government revenues while fostering business continuity and economic prosperity. During the meeting, the committee scrutinized the specifics of a 10-year golden licence and a five-year silver licence.
Notably, this initiative aligns with the UAE’s existing 10-year residency programme, known as the Golden Visa, which has been in effect since 2019, catering to investors, entrepreneurs, students, and professionals. The introduction of these new business licences is poised to further enhance the country’s competitiveness on the global stage, attracting diverse talent and businesses.
Abdullah bin Touq highlighted the UAE’s commitment to flexible and competitive economic policies, attributing the country’s robust business environment to its conducive legislative framework. He emphasized the significance of the Economic Integration Committee in fortifying the UAE’s attractiveness to investors, entrepreneurs, and skilled professionals worldwide.
Moreover, discussions during the meeting extended to efforts aimed at regulating the prices of building materials, addressing any unwarranted increases. This follows the directive from the Council of Ministers to postpone the implementation of Resolution No. (138) of 2023 concerning the weights and dimensions of heavy vehicles and associated administrative penalties.