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The United Arab Emirates has announced plan to invest billions in economy, liberalize residency for foreigners.
UAE plans to launch 50 new projects to boost the country's economic competitiveness, Economy Minister Abdulla bin Touq said on Sunday.
The Gulf state has launched several measures over the past year to attract investment and help the economy recover from the effects of the COVID-19 pandemic.
Among the projects, the UAE and the Emirates Development Bank will invest 5 billion dirhams ($1.36 billion) in digital technologies, Minister of Industry and Advanced Technology Sultan al Jaber said at a media briefing on Sunday.
The United Arab Emirates will work on economic partnerships with eight countries to enhance trade as it repositions itself as a global hub for business.
The Gulf state will expand economic ties with countries including South Korea, Indonesia, Kenya, Ethiopia and Turkey, officials said in a media briefing on Sunday.
Earlier, Economy Minister said that the UAE was seeking 550 billion dirhams ($150 billion) of inward foreign investment over the next nine years and aims to be among the 10 biggest global investment destinations by 2030.
It will focus on investments from countries including Russia, Australia, China, and the UK.
The UAE for years since its independence has tied employment to residency status, giving employers outsized power and forcing people to immediately leave the country once they lost their jobs. The new plans give residents more time to seek other jobs after termination, allow youth over age 15 to gain employment and others to more easily join their families in the federation of seven Emirates.
