4 Developments in the UAE01-10-2018
Foreign trade increased
Dubai’s non-oil foreign trade witnessed an increase of Dh5 billion from 2017, reaching an estimate of Dh645 billion in the first half of 2018. This shows the strides Dubai is making in generating income from diverse sectors.
The Crown Prince of Dubai and Chairman of Dubai Executive Council said that Dubai’s competitiveness plays a key role in attracting investments from around the world, which seek to take advantage of Dubai’s position as a regional and international trading hub.
Corporate earnings increase
Dubai recorded its highest corporate earnings with an exceptional surge record to 13.6% growth compared to the 9.8% in 2017. Dubai's corporates recorded the highest rate of growth in the GCC. Compared to the growth rate of 6.5 per cent in 2017, corporate earnings in Dubai recorded an exceptional surge to account for 8.5 per cent of the Emirate's gross domestic product, according to data provided by MUFG Bank.
5-year retirement visas announced for UAE expats
Expats aged 55 years and above are eligible to acquire a 5-year retirement visa given that they meet certain criteria. The specified criteria mean that residents can apply for this visa if they have either of the following:
- Have an investment in a property worth Dhs2 million
- Financial savings of no less than Dhs1 million
- Active income of at least Dhs20,000 per month
This type of visa comes with the possibility of renewal depending on certain conditions. The new provision comes into force in 2019.
91 Million Worth Of Counterfeit Goods Seized
Sharjah Police conducted a raid and seized more than AED 91 Million in counterfeit goods. These goods consisted mainly of electronics and mobile devices. The suspects, who were caught red-handed, were also arrested and will face the full might of the law.