The Cabinet on Tuesday approved that investor visa given for expats businessmen investing in the real estate sector will be three years, instead of six months.
The move was taken during a Cabinet meeting chaired by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
The Cabinet also approved Emarat’s capital be raised from Dh6 billion to Dh9 billion.
It allocated an amount of Dh1.3 billion from the 2011 budget for the Zayed Housing Programme.
The Cabinet approved an additional allocation of Dh540 million to be added to the Federal budget, out of which Dh105 million will be allocated to the Ministry of Health, and Dh 150 million to finance federal universities and help them increase their student capacity.
Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and Lieutenant General Shaikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, were also present.