It was announced this week, that the UAE would open up businesses to foreign ownership, and offer 10-year visa to innovators, scientists and high-achieving students.

 And people lost their minds. 

The news was announced after a UAE cabinet meeting 

And was shared to the Vice President and Prime Minister of the UAE’s Twitter account. 

HH Sheikh Mohammed bin Rashid Al Maktoum tweeted the news, and it exploded. 

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At today’s Cabinet meeting, we decided to allow 100% foreign ownership of companies in UAE, with a 10 year visa for investors,scientists, doctors, engineers, entrepreneurs and innovators.
The UAE has always welcomed, and always will, innovators and business leaders pic.twitter.com/N93MqK89Rp

— HH Sheikh Mohammed (@HHShkMohd) May 20, 2018

This decision will be enforced by third quarter this year .
Our open society, tolerant values, excellent infrastructure and flexible legislation offer the best environment for international investment and exceptional talent. pic.twitter.com/kdOVX02q4L

— HH Sheikh Mohammed (@HHShkMohd) May 20, 2018

Basically the new laws will offer selected people, longer-term (10-year) visas

But those people will be high-achieving students, scientists and innovators. 

The tweets also said businesses will no longer have to be locally owned, and it’s expected this will help grow the UAE economy and ensure longer-term investment. 

The UAE Cabinet’s decision to allow 100% foreign ownership of non Free Zone businesses, supported by a 10-year residency for investors, along with certain professionals and students, will act as a catalyst for economic growth for the UAE. pic.twitter.com/esKA1zj9R2

— Hussain Sajwani (@HussainSajwani) May 22, 2018

And it could mean HUGE things for the economy 

• An injection of foreign investment into the UAE 
• Residents will be more likely to invest in property with longer-term visas
• Business owners will be able to own their own 
• The dependency on free zones will be reduced. 

Of course this is all speculative as we don’t know the exact regulations, but if it is as wide-reaching as it seems it will be, this will have a bigger impact on the economy than the implementation of VAT. 

It could revolutionise the landscape of the UAE 

With its famously tight rules on foreign ownership, this could see an influx of businesses rushing to get into the UAE. 

The country has seen a dip in growth rates, but with the new laws, it could turn the economy on its head. 

Expats have long worked to establish themselves and their businesses here, and these rules will make it easier, and more fluid for entrepreneurs. 

But it’s unclear how it will be implemented, or what the details are of ownership

And residents took to social media to ask the questions. 

• Does this mean all businesses won’t need a local sponsor? 
• Will free zones become a thing of the past?
• Who specifically is eligible for the 10-year visas? 
• Will anyone be able to open a foreign-owned business?
• What about Emirati nationals that have based their livelihood on sponsoring businesses? 

Unfortunately, we don’t have these answers for you yet. 

It’s going to be an exciting few months as it all unfolds, and could be one of the biggest changes in the UAE’s history. 

Stay tuned.