General and Legal News from the UAE – August 2021 № 2

As a gesture towards the UAE’s gratitude towards the frontline workers during the first phase of the Corona pandemic, the UAE decided to streamline the application process for the so-called golden visa, which is a long-term residency initiative initiated by Sheikh Mohammed bin Rashid al Maktoum, Ruler of Dubai, Prime Minister and Vice President of the United Arab Emirates. This initiative was launched in order to recognize the efforts where several experts played an essential role in supporting the UAE’s growth.

 

In July, doctors licensed with the UAE’s health regulatory bodies, scientists as well as doctorate holders were recognized in playing such an essential role and thus were encouraged to register and apply for the long-term residency visa.

  

Application can be done until September via smartservices.ica.gov.ae or for doctors registered to practice in Dubai can apply via smart.gdrfad.gov.ae.

Saudi Arabia’s diversification of the kingdom’s economy keeps on developing.

 

In the first half of 2021, according to a Magnitt report (in collaboration with the Saudi Venture Capital Company) a fourth of the country’s funding deals were invested into the startup of FinTech companies. That equals a total of $168million – which has been invested as venture capital funding in startups, that amounts to 94 per cent of the total monetary amount that had been invested into start-ups in Saudi Arabia.

 

In comparison to such funding during the first half of 2020 this year’s amount was 65 per cent higher.

 

Globally such a trend can be witnessed as venture capital has hit a record high as a consequence of investors seeking a return to their investment activity after the slowdown of such funding during the beginning of the Corona pandemic.

 

Percentagewise, concerning total funding in $ in the Mena region the kingdom ranks second with 14 per cent of venture capital funding invested in startups behind the UAE (62 per cent) and surpassing Egypt (13 per cent). In the whole Mena Region there was a total funding of $1,2 bn in the first half of 2021.

 

The Saudi government’s attention on funding programs such as SVC and Jada (Fund of Funds by the Public Investment Fund) is strong as the kingdom diversifies its economy.