UAE Project of the 50: 13 projects announced

UAE ministers on Sunday announced 13 new projects that will help the country begin an ambitious growth strategy for the next 50 years.

These are part of the 50 projects that will be announced during the course of this month.

New and amended visa schemes; global campaigns to attract foreign investments; national initiatives to support emerging Emirati companies; economic support; a data privacy law and international partnerships are among the ‘Projects of the 50’ announced on the day.

The aim is to establish the UAE as a global nation and a testbed for technologies and innovation.

Green Visas: The new visa scheme separates work permits from residency. It enables self-sponsorship for highly-skilled individuals, investors, entrepreneurs, top students and graduates. It allows the sponsorship of sons until the age of 25 instead of 18; and extension of the grace period for leaving the country after job loss or retirement to 90-180 days instead of 30.

Freelancers’ Visa: It is the first federal visa scheme of its kind for self-employed workers (freelancers).

Invest.ae: It is a unified electronic portal that brings together investment-related local entities and 14 economic entities. It will present investment opportunities across the UAE and help set up businesses and bank accounts.

100 Coders Every Day: The initiative will attract 3,000 coders to the UAE’s workforce every month. This will increase the number of coders to 100,000 in 12 months, and facilitate the establishment of programming companies through incentives and benefits.

UAE Data Law: It is the first federal law to be drafted in partnership with major technology companies. The UAE Data Law empowers individuals to control how their personal data is used, stored and shared in a move that aims to protect the privacy of individuals and entities.

Project 5BN: Emirates Development Bank has allocated Dh5 billion to support Emirati projects in new key sectors, stimulate the industrial sector and achieve economic diversification.

Tech drive: Dh5 billion has been allocated to support advanced technology adoption in the industrial sector over the next five years.

10X10: This aims to achieve a 10 per cent annual increase in UAE exports to 10 key global markets.

National In-Country Value Programme: It will redirect 42 per cent of procurement of the federal government and major UAE companies to local products and services. The programme aims to increase local suppliers to 7,300 and boost procurement value from Dh33 billion to Dh55 billion over the next four years.

Emirates Investment Summit: It will be held in the first quarter of 2022 and will connect investment funds with the public and private sectors. It will help create investment opportunities that attract Dh550 billion inward FDI to the UAE over the next nine years.

Fourth Industrial Revolution Network: It aims to establish and grow 500 national companies deploying advanced technologies over the next five years.

Global Economic Partnerships: The UAE will ink economic agreements with eight strategic global markets to achieve a Dh40 billion annual increase to the current Dh257 billion trade volume with these markets. The Higher Committee for Economic Agreements has also been established.

PyCon MEA: The biggest programming summit in the Middle East will be held in the second half of 2022. It aims to connect coders with the public and private sectors, and academic institutions. It will help develop digital talents and creative programming projects.

News Source: Khaleej Times