Page 91 - Forbes - Asia (December 2019 - January 2020)

PROMOTION

Welcoming The World

Invest. Learn. Live. In The Middle East

www.forbesmiddleeast.com
info@forbesmiddleeast.com

he buzzing metropolises
that have sprung from the
deserts of the Gulf in a
Tmatter of decades have today
become global hubs of innovation and
investment. Saudi Arabia, Kuwait, the
U.A.E. and Qatar now count among the
richest countries in the world in terms
of GDP per capita. And as governments
and private sector players continue
to plough money into the startups,
infrastructure and new technologies
that are set to further boost economies
and change the world, the Middle East
is determined to be a leader, not a
follower, when it comes to the future of
business and finance.
As youthful populations continue

to grow, so does business for the wise Dubai, United Arab Emirates
investor and enterprising entrepreneur.
Looking at recent data, the countries
of the Middle East and North Africa business for domestic small and midsize offers two types of visas: a permanent
(MENA) remain poised for growth in firms, and the fruits of this are evident (premium) residency with a one-time
the coming years. MENA bagged foreign as four Arab countries now sit among fee of US$213,000 and a renewable
direct investment (FDI) of about US$32 the world’s top 10 business climate one-year residency for an annual fee
billion in 2018, with the U.A.E. attracting improvers, according to the World of US$26,700. The U.A.E. also made
the largest amount of FDI at US$10.4 Bank’s Doing Business 2020 study. Saudi major changes to its visa system in May,
billion, followed by Egypt at US$6.8 Arabia, Jordan, Bahrain and Kuwait including a new “Golden Card” system to
billion, and Oman at US$6.3 billion. account for almost half of the region’s grant permanent residency to investors
Real GDP in the region is expected reforms. Meanwhile, the U.A.E. remains and doctors, engineers, scientists and
to grow at 2.6% in 2020 and 2.9% in the strongest performer overall in the artists, as well as a long-term visa of up
2021, according to the World Bank, with World Bank’s ranking. to 10 years and five-year retirement visas
the projected pickup largely driven by With MENA home to millions of for residents that fulfil certain financial
increasing infrastructure investment. But long- and short-term working expats, security criteria. This sends a powerful
where exactly should global investors be a couple of the Gulf countries have message in economies that have long
looking in this fertile ground? also started to offer new residency visa been thought of as transient for workers.
It’s a place of great change at the options for the first time to encourage The U.A.E. and Saudi Arabia are

moment. Governments in the region and reward long-term investment in also preparing to host two major global
have carried out a record number of their countries. Earlier this year, Saudi events next year: Expo 2020 in Dubai
reforms to improve the ease of doing Arabia announced a new system that and the G20 summit in Riyadh.