The UAE has just added another feather to its cap with the launch of a permanent residency system dubbed the “Golden Card”, granting a long-lasting residency for investors, exceptional professionals in various areas including medicine, engineering, and science.

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Tuesday launched the permanent residency system. The first batch of beneficiaries will include 6,800 investors whose total investments exceed Dh100 billion.

On his twitter page, Shaikh Mohammad said: “Today, we have launched the permanent residency system- ‘Golden Card’. The Golden Card will be granted for distinguished individuals, exceptional talents and anyone who contributes positively to the success story of the UAE. We want them to be permanent partners going hand in hand with us in our journey. All residents in the UAE are our brothers and part of our great family in the UAE”.

The UAE’s decision to grant permanent residency to investors will attract long-term residents, investors and world’s best talent in diverse fields, hence increasing the size of the UAE’s economy and stabilising it, analysts, businessmen and entrepreneurs have said.

It is believed that the first beneficiary of this game-changing initiative will be existing businessmen, entrepreneurs and highly-skilled and qualified professionals and students who will convert their status and obtain the Golden Card.