Target audience for citizenship opportunities will be limited initially, says Moody's
UAE’s decision to grant citizenship to highly qualified foreigners is ‘symbolically significant’ but nominations are likely to be limited to a small number of people at first, Thaddeus Best, analyst at Moody’s Investors Service, told Zawya.
“The criteria are quite qualitative, requiring exceptional achievement in scientific or creative endeavors in addition to being recommended by members of the Federal cabinet, emirate executive councils or local courts.
“While impossible to quantify, the emphasis on exceptional talent would suggest that the target audience is likely to be initially limited to a fairly small number of expats,” he told Zawya in an emailed response.
The new citizenship policy was announced by Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE and Ruler of Dubai, last week. It will allow talented scientists, doctors, inventors, intellectuals and creative individuals who meet criteria, including international recognition, to be nominated to receive UAE citizenship.
Successful applicants will be able to retain dual nationality, something that was not previously the case.
Best said the policy was unlikely to have material impact on foreign investment in its current form as it seems to be targeted to expats who are already long-term UAE residents.
“Nonetheless, it is symbolically significant and reinforces the positive developments made in gradually liberalising the labour market and residency policy in recent years, underscoring the UAE’s continued efforts to attract and retain foreign talent to support its global competitiveness,” he said.
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