Muhammad BinGhatti, CEO and head of Architecture at Binghatti Developers has described the announcement that longer visas up to ten years will be made available to key workers and changes will be introduced to allow 100% foreign ownership of companies in the UAE as “momentous”.

“Under the enlightened leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, the UAE Cabinet initiated changes that will strengthen the UAE’s position as one of the world’s best real estate investment destinations,” said Binghatti. “These momentous decisions will undoubtedly have a highly positive effect on the real estate sector since more international investors will be attracted by the new and more sustainable demand in the lease market.  These decisions will also lead to the absorption of the current supply in the market, especially that expatriate end-users will be encouraged to buy their own homes. ”

Binghatti Developers is currently building the Millennium Binghatti Residences, the firm’s says first project on the Dubai Water Canal and is due to deliver the Binghatti Stars project later this year in Dubai.

BinGhatti added: ” The United Arab Emirates’ progressive leadership ensures the continuous growth and development of the real estate sector.”