UAE unveils first 13 out of 50 new projects with vision to boost economy

By Arya M Nair, Official Reporter
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The UAE government has revealed the first thirteen of 50 new projects and initiatives to boost the country’s development.

The projects were unveiled during a ceremony attended by Cabinet ministers and senior officials at Jumeirah Emirates Towers, Dubai where the government laid out a set of principles on which the projects are based. As the country celebrates its 50th anniversary of unity, the projects will be a cornerstone of growth.

The first 13 initiatives

  • Green Visa: The new visa system distinguishes between work permits and residency authorizations. This allows highly skilled individuals, investors, entrepreneurs, top students, and graduates to support themselves. Instead of the age of 18, it provides for the sponsorship of sons up to the age of 25. Extends the grace period for departing after unemployment or retirement to 90-180 days, instead of 30 days.
  • Freelancer Visa: This is the first federally sanctioned visa system for self-employed people.
  • This is an integrated electronic platform that brings together 14 economic entities and local investment-related entities. It facilitates the opening of business and bank accounts and provides investment opportunities throughout the UAE.
  • 100 coders each day: This campaign draws 3,000 coders to the UAE workforce every month. This will increase the number of coders to 100,000 in 12 months, making it easier to set up a programming company through incentives and perks.
  • The UAE Data Law is the country’s first federal law written in collaboration with key technology companies. People will have more control over how their data is used, stored, and shared. The goal of the initiative is to protect people’s privacy.
  • Project 5Bn: The Emirates Development Bank has awarded $1.36 billion to help the UAE develop new key sectors, stimulate the industrial sector, and diversify its economy.
  • Tech drive: Over the next five years, $1.36 billion have been allocated to support the adoption of advanced technology in the industrial sector.
  • 10 x 10 program: This initiative aims to increase UAE exports by 10 percent annually to 10 global markets, namely, China, the United Kingdom, the Netherlands, Italy, Russia, Poland, Luxembourg, Australia, New Zealand, and Indonesia.
  • Domestic Value Program: The program tends to redirect 42 percent of federal and significant UAE company procurement to local products and services through the Domestic Value Program. Over the next four years, it seeks to grow local suppliers to 7,300 and increase investment from $8.9 billion to $14.9 billion.
  • Emirates Investment Summit: It will take place in the first quarter of 2022 and will bring together investment funds and governmental and private sector stakeholders. Over the following nine years, this will help create investment possibilities that will bring $150 billion in foreign direct investment to the UAE.
  • The Fourth Industrial Revolution Network: It aims to build and grow 500 indigenous companies that will introduce advanced technology over the next five years.
  • Global Economic Partnership: The UAE has signed economic agreements with eight key global markets, resulting in an annual rise of $10.9 billion in transaction volume from the existing $70 billion. A High Commission on Economic Partnership Agreements has also been established.
  • PyCon MEA: The biggest programming summit in the Middle East will be held next summer. The aim is to connect coders with the public and private sectors and to develop digital talent and creative programming projects.

‘Projects of the 50’ is initiated with the goal of strengthening the union of UAE, building the world’s most dynamic economy and cementing the reputation of the UAE globally as one nation is a national mission for all institutions.

Related: UAE set to launch 50 new economic projects for the next phase of growth