Reuters: UAE’s visa move for investors boosts Dubai and Abu Dhabi property stocks

Reuters reported the increase of property stocks in Dubai and Abu Dhabi rose in early Monday trading after the United Arab Emirates approved a system to grant residency visas of up to 10 years to investors and specialists.
Emaar Properties rose 4 percent and DAMAC Properties climbed 1.3 percent, lifting the Dubai index by 1.3 percent.
The UAE move “will surely boost the performance of the real estate sector and give comfort to the investors there and specially property owners,” said Marie Salem, director of capital markets at FFA Dubai.
Investors and specialists in scientific, technical, medical and research fields will receive UAE residency visas for up to 10 years, the government said. The families of those categories of foreigners will also receive the same visa validity.
The UAE cabinet also approved steps on Sunday that would allow for 100 percent ownership of UAE-based businesses by foreign investors by the end of this year.