Dubai’s Emaar refutes reports that it will provide 10-year investor visas

Dubai developer Emaar has dismissed media reports that it will provide 10-year visas to some of its investors.

Arabic daily Al Bayan had cited sources as saying that Emaar plans to provide the visas to buyers in six of its projects that are under development in its mega Dubai Creek Harbour development and Downtown Dubai.

“Emaar refutes the report by a section of the media that it will provide 10-year visas to investors,” the company said in a statement.

“The issuance of visas falls under the purview of the concerned authorities and Emaar does not have any role regarding the same.

“This is to clarify any misunderstanding that might have been created by the said reports,” it added.

In May, the UAE announced that it would introduce a 10-year visa for investors, innovators and talented specialists in the medical, scientific, research and technical fields.

The country also said it would approve a new investment law allowing 100 per cent foreign ownership of companies by year-end.

Read: UAE Cabinet approves 10-year visas, will allow 100% foreign ownership by year-end

The visa incentive, offered to buyers and their families, is expected to boost Dubai’s and Abu Dhabi’s property markets, which have been hit by falling rents and sales prices over the last two years.

Read more: UAE’s 10-year visa expected to boost property market