Skip to Content

UAE announces plan to invest in economy, liberalize laws

<i></i><br/>
KMIZ

By ISABEL DEBRE
Associated Press

DUBAI, United Arab Emirates (AP) — The United Arab Emirates has announced a major plan to stimulate its economy and liberalize residency for expatriates, as the country seeks to overhaul its finances and attract foreign capital and residents. The country’s government Sunday pledged to pour some $13.6 billion into the economy over the next year, and $150 billion by 2030. Other ministries introduced various government overhauls. The country’s plan to lure foreign talent reflects a growing contrast with other oil-rich economies of the Persian Gulf that are becoming increasingly protectionist. The UAE for years has tied employment to residency status, giving employers outsized power and forcing people to immediately leave the country once they lose their jobs.

Article Topic Follows: AP National Business

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

ABC 17 News is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content