- The UAE is issuing 100,000 Golden Visas to attract top tech talent.
- The country aims to become a global leader in AI and a tech investment hub.
- This opportunity could benefit not just tech experts but also Finance Professionals in the oil and gas sector.
UAE rolls out golden visas for Tech Talent
The UAE is granting over 100,000 Golden Visas to exceptional tech talent, both in the country and around the world.
The Golden Visa is a long-term residence visa. The Prime Minister of Dubai, Sheikh Mohammed bin Rashid, introduced the visa in 2019 to attract more investments and create an ecosystem for business development.
The UAE now wants to attract international digital investment; hence, it is tying up with government entities, multinational corporations, and the broader private industry.
According to a recent report by the Dubai Chamber of Digital Economy, the national digital economy is predicted to reach over $140 billion by 2031. It is presently valued at approximately $38 billion.
And to double the digital economy’s contribution to the national GDP, a critical factor will be prioritizing investments in artificial intelligence (AI) and software development.
What is the eligibility for the UAE Golden Visa?
If you want to apply for a Golden Visa, the first and foremost step is to do thorough research.
Look up all the necessary documents that you’ll be required to provide for your application. Following are the individuals that could be eligible for the Visa:
You could be eligible to acquire the visa for 5 years. But for that, you must own an economic project of a technical or future nature, based on risk and innovation.
Additionally, you need to have an approval letter from each of the following:
- An auditor in the UAE stated that the project value was not less than 500,000 AED.
- The authorities in the emirate stated that the project is of a technical or future nature.
- an accredited business incubator in the UAE to establish the proposed activity in the country.
Outstanding students of foreign universities may be granted a Golden Visa for 10 years without a sponsor, given that:
- The university is rated among the top 100 universities globally, according to the rating system recognized by the Ministry of Education.
- A cumulative GPA of no less than 3.5
- It has not been more than two years since you graduated.
- The graduation certificate is accredited by the Ministry of Education.
You will be eligible for 10 years to live and work in the UAE, considering that:
- Have a Bachelor’s degree or equivalent
- Are employed in the UAE,
- Have a minimum monthly salary of AED 30, 000 or equivalent
- Hold a role verified by the Ministry of Human Resources and Emiratization’s (MOHRE’s) occupational classification scheme, which includes: Level 1: Business Executives and Managers; Level 2: Professionals in either of these fields: Engineering, Sciences, Business and Management, Health, Information Technology, Sociology, Education, Culture, and Law.
If you invest in an investment fund, you may be granted a Golden Visa for 10 years without a sponsor, subject to the following:
- Submission of a letter from an investment fund accredited in the UAE, stating that the investor has a deposit of AED 2 million, or
- Submission of a valid commercial license or industrial license and a memorandum of the association stating that the investor’s capital is not less than AED 2 million
- Submission of a letter from the Federal Tax Authority stating that the investor pays the government no less than AED 250,000 (two hundred and fifty thousand) annually.
- Additionally, you must own the invested capital completely; it must not be a loan.
- Provide proof of medical insurance for yourself and your family (if any).
Apart from the listed professionals, scientists, researchers, humanitarian pioneers, and frontline heroes can also qualify for the visa.
Exclusive benefits of the UAE Golden Visa:
- An entry visa for six months with multiple entries to proceed with residence issuance
- Long-term, renewable residence visas are valid for 5 or 10 years.
- The privilege of not needing a sponsor
- Ability to stay outside the UAE for more than the usual period of six months to keep their residence visa valid.
- The ability to sponsor their family members, including spouses, children, and domestic helpers
- Permit family members to stay in the UAE until the end of their permit duration if the primary holder of the Golden Visa passes away.
How Indian Finance Professionals can find opportunities
The UAE is always on the lookout for strengthening its economic, legal, and social environments.
The country has approximately 3.5 million Indian expats, according to a United Nations (2020) report. With the UAE set to roll out more golden visas, this number may grow.
While the UAE intends to attract primarily tech talent, there may still be opportunities for finance professionals in various industries.
The UAE has a thriving business environment, and many multinational companies such as Google, Amazon, and Apple have a presence in the country.
Finance Professionals with strong analytical skills can find opportunities as:
- Financial analyst or data analyst: These roles often involve using tools such as Excel or SQL to analyze financial data and provide insights.
- Business intelligence (BI) or data warehousing: These roles involve designing and managing databases and data warehouses. They must also develop reports and dashboards to provide insights into financial performance.
- Financial technology (FinTech): With the rise of FinTech startups, there are many opportunities for finance professionals to work in this field. FinTech roles may involve developing new financial products or services or working on blockchain or cryptocurrency projects.
- Information security: Finance professionals who are interested in cybersecurity may be interested in roles in information security. These roles involve protecting financial data and systems from cyber threats and ensuring compliance with regulations such as PCI-DSS and GDPR.
Additionally, there could be opportunities for finance professionals in investment management, venture capital, and private equity, especially in the tech and energy sectors.
The United States and the United Arab Emirates declared earlier in 2023 that they would assign a total of $100 billion toward a clean energy partnership. The initial $20 billion investment will be assigned to support the development of 15 new gigawatts of renewable energy projects by 2035.
Local energy companies are trying to reduce their carbon footprint by adopting digital transformation.
Digital transformation plays a vital role in the energy transition. It enables the integration of renewable energies into the electrical system, enhancing network reliability and managing energy demand more efficiently.
This will create opportunities for finance professionals in sustainable finance and green investing.
UAE Tech Industry spending: Forecast for 2023 and beyond
The UAE is prioritizing these key sectors to achieve its goal of becoming a world leader in artificial intelligence by 2031.
- Resources and Energy
- Logistics and Transport
The “UAE Digital Economy Strategy” aims to double the digital economy’s contribution to the UAE’s GDP to 19.4 percent within a decade.
The 10th edition of the Dubai Chamber of Digital Economy‘s regular digital industry workshops brought together top executives and entrepreneurs. They discussed the challenges and opportunities in the industry.
The UAE wants to ensure that current government policies and strategies promote innovation and business friendliness for all sectors.
Local companies are adhering to their hiring schedules, and new digital startups continue to emerge. In addition, technology spending is expected to remain high in 2023, with major corporations and governments leading the way.
Tech experts and analysts are confident that the technology industry in the UAE, as well as in other Gulf markets, will not experience a significant downturn due to any negative effects emanating from the current situation in the US.
The UAE’s overall digital economy is expected to grow at a compound annual growth rate (CAGR) of 12.7% between 2021 and 2025, according to a report by research firm ResearchAndMarkets.
The UAE’s artificial intelligence (AI) market is expected to reach $290.6 million by 2025, growing at a CAGR of 33.5% between 2020 and 2025, according to a report by market research firm Mordor Intelligence.
In conclusion, if you are a Finance professional and wish to start your career in technology, then the UAE should be at the top of your list.
UAE offers many benefits for those looking to advance their careers, including high salaries, tax-free income, a growing economy, a multicultural environment, and a strong infrastructure.
This can make it easier to live and work in the country.
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