UAE rolls out plan to invest in economy, liberalise laws
Dubai, Sep 5: The United Arab Emirates announced Sunday a major plan to stimulate its economy and liberalise stringent residency laws for expatriates, as the country seeks to overhaul its finances and attract foreign residents and capital.
The country's plan to lure foreign talent reflects a growing contrast with the other oil-rich economies of the Persian Gulf that are becoming increasingly protectionist.
Although many of the Emirati ministers' promised overhauls remained vague at a press conference, their intentions to boost spending after the devastation of the pandemic and loosen laws to draw more residents was clear.
Abdulla bin Touq, the minister of the economy, pledged that the Emirati government would pour some USD 13.6 billion into the economy over the next year. He laid out a raft of investment opportunities for countries to boost development by 10 per cent in the coming years.
We are confident that these projects in the support of investment will make (the UAE) one of the most competent economies in the world, he proclaimed at the government's first large in-person press conference since the pandemic.
The UAE for years since its independence has tied employment to residency status, giving employers outsized power and forcing people to immediately leave the country once they lost their jobs.
The new plans give residents more time to seek other jobs after termination, allow youth over age 15 to gain employment as they live with their parents, and enable widows and divorced couples to live longer without visa restrictions in the country.
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PBKS beat GT by three wickets in IPL match
Mullanpur (PTI): Cooper Connolly slammed a fine unbeaten fifty as Punjab Kings defeated Gujarat Titans by three wickets in their opening Indian Premier League match here on Tuesday.
A disciplined bowling effort helped PBKS restrict former champions GT to 162 for six with Vijaykumar Vyshak (3/34), Yuzvendra Chahal (2/28) and Marco Jansen (1/20) sharing the wickets after PBKS opted to bowl.
For GT, skipper Shubman Gill (39), Jos Buttler (38), Glenn Phillips (25) and Washington Sundar (18) scored bulk of the runs.
In reply, PBKS reached the target in 19.1 overs with Connolly (72 not out off 44 balls) emerging as the highest scorer.
Prasidh Krishna (3/29), Rashid Khan (1/29) and Washington Sundar (1/27) were among the wickets for GT.
Brief Scores:
Gujarat Titans: 162 for 6 in 20 overs (Shubman Gill 39; Vijaykumar Vyshak 3/34, Yuzvendra Chahal 2/28).
Punjab Kings: 165 for 7 in 19.1 overs (Cooper Connolly 72; Prasidh Krishna 3/29).
