UAE announces plan to invest in economy, liberalize laws

By ISABEL DEBRE
Associated Press

DUBAI, United Arab Emirates (AP) — The United Arab Emirates has announced a major plan to stimulate its economy and liberalize residency for expatriates, as the country seeks to overhaul its finances and attract foreign capital and residents. The country’s government Sunday pledged to pour some $13.6 billion into the economy over the next year, and $150 billion by 2030. Other ministries introduced various government overhauls. The country’s plan to lure foreign talent reflects a growing contrast with other oil-rich economies of the Persian Gulf that are becoming increasingly protectionist. The UAE for years has tied employment to residency status, giving employers outsized power and forcing people to immediately leave the country once they lose their jobs.