Dubai and Abu Dhabi stocks rise following the cabinet’s decision to grant long-term residency visas

Dubai and Abu Dhabi stocks rise following the cabinet’s decision to grant long-term residency visas

Property stocks in Dubai and Abu Dhabi climbed to a more than two-week high after the UAE cabinet approved a system to grant residency visas of up to 10 years to investors and specialists. So far this year, the shares of top UAE developer Emaar was down about 17 percent in the Dubai real estate sector, which rose 2.9 percent while DAMAC Properties climbed 4.8 percent.

According to the cabinet resolution, investors and specialists in scientific, technical, medical and research fields will receive UAE residency visas for up to 10 years and the families of those categories of foreigners will also receive the same visa rights. In Abu Dhabi, the main index rose 0.7 percent to 4,458 points whereas, in Dubai, the index climbed 1 percent to 2947 points.