UAE industry, real estate to revive on Cabinet decisions

Dubai: The UAE Cabinet has been surprising the world with new stimulus decisions that target vital economic sectors in the GCC country in a bid to maintain growth without sliding into recession.

On Sunday, the Cabinet announced a plan to provide a five-year visa for expat retirees aged over 55 years.

Moreover, the vice president and prime minister of the UAE, and ruler of Dubai Mohammed bin Rashid Al Maktoum said in a tweet that the Cabinet has also approved to cut electricity charges by 29% for large factories, and by 10% to 22% for small- and medium-sized factories.

The government is looking to boost the national economy and revive the real estate sector in order to compete with the world’s top economies through the recent regulations, economists told Mubasher.

Cutting electricity charges for the industrial sector aims at improving the sector to play a key role in maintaining economic growth and sustainable development, they added.

The long-term residence for non-Emirati retirees will give the UAE the opportunity to lure further investments, mainly in the real estate sector, economist Ali Al Hamoudi told Mubasher.

Al Hamoudi noted that reduction of electricity fees will play the biggest role in boosting investments in the industrial sector to bolster the economy.

The recent decisions will positively impact several sectors in one of the Middle East’s biggest economy, as well as will attract new liquidity to the local stock markets, he projected.

Translated by: Mai Ezz El-Din