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11 September, 2018

Dubai's Emaar refutes media reports of 10-year investor visas

Local media had reported the developer is planning to offer 10-year visas to buyers of its residential properties

11 September 2018
Emaar has refuted media reports that said the developer would provide 10-year visas to investors.

In a statement issued to Dubai Financial Market (DFM) and media outlets on Tuesday, the company refuted "the report by a section of the media that it will provide 10-year visas to investors."

"The issuance of visas falls under the purview of the concerned authorities and Emaar does not have any role regarding the same. This is to clarify any misunderstanding that might have been created by the said reports," the statement said.

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On Tuesday, Dubai-based English language newspaper Khaleej Times, quoting local Arabic daily Al Bayan, said Emaar was planning to offer 10-year investor visas to buyers in its six under construction residential projects which include Dubai Creek Harbour and Downtown Dubai. The report said the visa incentive, offered to buyers and their families, is part of a stimulus package announced by the UAE in June to attract more investors.

In May, the UAE government had announced plans to offer residency visas for up to 10 years for investors and professionals and their families.

(Writing by Anoop Menon) (anoop.menon@thomsonreuters.com)

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