Dubai Land Department, DLD, in coordination and cooperation with the General Directorate of Residency and Foreigners Affairs, GDRFA, granted golden visas to 20 investors belonging to 12 nationalities, whose value of direct real estate investments exceeded AED 200 million.
This came during a ceremony held at DLD in the presence of Major General Mohammed Al Marri, Director-General of GDRFA Dubai; Sultan Butti bin Mejren, Director-General of DLD; and a number of CEOs and senior directors from the public and private sectors.
During the ceremony, the five-year golden visas were given to real estate investors whose individual investments in the local real estate market exceed AED 5 million and are registered at DLD. This privilege also benefits their family members, wives and children. The conditions for obtaining the golden visa without a sponsor includes investing in one or more existing properties that satisfy the total value condition, regardless of whether the property is owned by an individual or a group of investors. The list of countries the investors belong to includes Tunisia, the USA, Commonwealth of Dominica, India, Iraq, China, Libya, Jordan, Iran, Pakistan, Kazakhstan, and Saint Kitts and Nevis.
The investors were granted golden visas through Cube Centre, which reduces the effort and time of real estate investors by providing with all the needed amenities. All government and private entities are present at Cube Centre, including GDRFA, Dubai Department of Economic Development, DED, Emirates Identity Authority, police station, a medical centre for medical examinations, a printing office, and insurance companies.
Al Marri said, "The UAE Cabinet’s decision to grant golden visas comes in line with the objectives of UAE Vision 2021 to achieve an economy based on flexibility, diversity, and innovation. GDRFA provided a number of investors with a five-year golden visa in cooperation and coordination with DLD."
Bin Mejren said, "We would like to thank GDRFA for cooperating with us in this project that will greatly benefit Dubai and the UAE, consolidating the Emirate’s position at the forefront of destinations capable of attracting capital and foreign direct investment, in line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai."
Majida Ali Rashid, CEO of the Promotion and Real Estate Investment Management sector at DLD, said, "Cube Centre is one of the initiatives launched by DLD through the Promotion and Real Estate Investment Management sector that will significantly contribute to the success of this national initiative. We are keen to develop the Centre by attracting more government partners to ensure customer happiness and convenience, encourage investors to support the vision of the wise leadership, and fully align with their directives to keep Dubai and the UAE the preferred investment destination."