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Real estate .. and the granting of citizenship .. and global

Muhammad Al-Mutawa

February 07, 2021

Real estate developers breathed a sigh of relief, under the directives of His Highness the President of the State, and the approval of the Council of Ministers headed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai, amending some provisions related to the executive regulations of the Federal Law on Nationality and Passports, through which it is permitted to grant The Emirati nationality for investors, professionals, talents and their families, based on a number of controls and conditions, and within these categories, the real estate investor category, for him and his family.

There is no doubt that one of the ABCs of global cities is the diversity of nationalities and ethnicities in them, and with the issuance of these amendments, we almost say that the real estate investment system in the UAE, and in Dubai in particular, has been completed legally and constitutionally.

There is also no doubt that the reluctance of many international investors will disappear after the issuance of these amendments, and new owners and investors from different countries and races will emerge.

All of this will be in the interest of the UAE's economy, as these amendments are expected to increase the stability and localization of foreign and Arab capital in the country, as well as raise the state’s competitiveness, especially in light of the global competition for capital localization, which has become a concern of many capitals. the world.

The issuance of these amendments regarding nationality and passports, at this particular time, as we are about to host the exhibition «Expo 2020 Dubai», in October 2021, will add a strong additional momentum to the real estate sector, which is currently facing an increase in supply.

Pending the issuance of clear laws for naturalization, I believe that developers and real estate developers should be very optimistic about the upcoming dazzling future, as the repercussions of the issuance of the naturalization law on the real estate sector will be great, as state nationality holders will be able to invest in real estate in all regions of the country, without exception, which will be good for the All cities and regions of the country.

All of this will lead to the return of movement and activity again to this sector, and its recovery with other sectors that are equivalent to it, such as: contracting, industries, and transportation.

In turn, Dubai will be the most prominent beneficiary of these procedures, and it will be a magnet for creative and distinguished doctors, engineers, scientists, artists, business owners and talented people from all over the world.

It is also a great opportunity for Arab and Islamic immigrant minds who are presently in Europe and America, including scholars, doctors, stars and talents, to benefit from this law, and it is beneficial for both parties: that is, for these immigrant minds to reside and settle in a safe and secure Arab Muslim country, and for the state to benefit from them, to support development, growth and prosperity Its high.

Since every nationality holder will need a residence for himself and his family, there is no doubt that the real estate will be the biggest winner from all of that .. Real estate companies should prepare for that with good marketing for the target groups, and the Tourism Department should market all of this to the international community, and work to attract these Categories, and explain the unique features of the UAE.

Finally, we must be fully convinced that these amendments are of great benefit to the UAE, as the large and civilized countries have been established only on the diversity of ethnicities and cultures, so the multiplicity of natures, races and tendencies is the basis for the success of nations and the prosperity of civilizations.

CEO of Al-Waleed Investment Group

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