Dubai – Mubasher: Emaar Properties has denied planning to offer 10-year visas to investors in six large ongoing residential projects in Dubai.
"Emaar refutes the report by a section of the media that it will provide 10-year visas to investors,” Emaar said in a statement.
On Tuesday, Al Bayan newspaper, citing sources familiar with the matter, reported that the Dubai-based developer was intending to provide a 10-year residence to investors, and their families, in six real estate projects under development.
It said the projects included in the plan were those in Dubai Creek Harbour and Downtown Dubai.
The Emirati real estate firm revealed it has no role regarding the issuance of visas, noting that it issued the statement to “clarify any misunderstanding that might have been created by the said reports.”
Al Bayan also reported that the multi-year visa was part of a stimulus package launched by the UAE in June in a bid to attract more investors.
In June, the UAE Cabinet decided to allow 100% foreign ownership of UAE-based companies as well as residency visas for up to 10 years for investors and professionals and their families.
