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|11 September, 2018

Emaar denies offering 10-year visa to investors

Emaar refutes the report by a section of the media

A logo of Dubai's Emaar Properties is seen at an under-construction building in Dubai, UAE, March 3, 2016. Image for illustrative purposes.

A logo of Dubai's Emaar Properties is seen at an under-construction building in Dubai, UAE, March 3, 2016. Image for illustrative purposes.

REUTERS/Ahmed Jadallah

Property developer Emaar Properties on Tuesday rejected media report that it plans to offer 10-year visa to investors on purchase of properties in its projects.

"Emaar refutes 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," the top developer said in a statement sent to Khaleej Times on Tuesday.

Citing people familiar with the matter, an Arabic daily had reported that 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 among others.

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The daily reported that visa incentive, offered to buyers and their families, is part of a stimulus package announced by the UAE in June to attract more investors.

"This is to clarify any misunderstanding that might have been created by the said reports," Emaar said in a statement.

-waheedabbas@khaleejtimes.com

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