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Khaleej Times
30-06-2025
- Business
- Khaleej Times
UAE Golden Visa now targets talent in AI, climate sectors, says expert
The UAE has expanded the scope of its highly popular Golden Visa programme, shifting the focus from solely attracting foreign investments and wealth to fostering long-term value creation in the economy. Entrepreneurs, tech founders, and investors are now being evaluated not only on the size of their investments but on the overall impact they can bring to the local ecosystem, according to Gaurav Keswani, founder and managing director of JSB, a Dubai-based advisory firm specialising in company formation and visa services. 'After Covid-19, the government's primary goal was to attract capital into the country. That's why, during the initial wave in 2022–23, many of the Golden Visa recipients were real estate investors,' Keswani told Khaleej Times in an interview. 'However, from 2023–24 onwards, we entered the second phase of the programme. The government empowered multiple departments — including the Ministry of Culture, Ministry of Sports, and Abu Dhabi Residents Office — to scout globally for individuals who could make the UAE their second home and add meaningful value to the economy.' Keswani emphasised that the programme is no longer just about capital inflow. 'It's now about long-term growth potential. We're seeing candidates from sectors like AI, IoT, cloud computing, and private wealth management. The government's approach has evolved; it now targets individuals with specialised skills who can contribute to the broader community.' The UAE introduced its long-term residency programme in 2019 to attract foreign investment. According to the latest figures, 158,000 people received Golden Visas in Dubai alone in 2023. Of these, approximately 40% were investors, with the remaining 60 per cent spread across various other categories. 'About 22 per cent of the total were professionals from banking and non-banking sectors, including those involved in AI and climate change,' Keswani noted. 'The government has made substantial investments across various industries and is now strategically attracting talent aligned with those sectors.' He added that the initial phase of the programme was capital-centric. 'In recent years, we've seen eight of the world's top 20 hedge funds establish operations in the UAE, bringing around $48 billion in business. But with such a capital influx, there's a need for the right talent — CEOs, CTOs, and other key executives — to optimise and grow that investment. That's why the government's focus has shifted from purely capital to a more strategic, talent-driven approach.' More categories The Golden Visa currently offers a 10-year residency to a wide range of individuals, including outstanding students, scientists, graduates from top global universities, coders, and highly qualified professionals. According to Keswani, whose firm has arranged visas for over 250 individuals in the past six months, additional categories are expected to be added in the near future. 'Yes, definitely — especially in areas like AI, climate tech, IoT, and cloud computing,' he said. 'In the past five months alone, we've seen a significant rise in the number of private bankers, AI consultants, and cloud experts being shortlisted. These professionals are often behind large-scale projects or are significant investors themselves, and the programme is adapting accordingly.' Greater flexibility for professionals Keswani also highlighted the flexibility of the UAE's Golden Visa scheme. 'The long-term residency allows individuals to switch employers or even leave their jobs to pursue entrepreneurship while continuing to reside in the UAE,' he explained. 'The government has done an excellent job targeting the Asia-Pacific talent pool. Moreover, senior professionals like CEOs and CTOs with substantial income can invest in property here, obtain residency, and manage their assets independently.' He emphasised a key advantage of the programme: 'Residency and investment are treated as two separate legal entities. So if someone wants to liquidate an investment and move to a different asset class, they can do so without affecting their residency status. This structure gives skilled professionals flexibility and control, which is why the programme has resonated so strongly with global talent.'
Borneo Post
30-04-2025
- Business
- Borneo Post
Key deals inked for 162MW hydropower plant in Sipitang
Saridah Mohd Dun, CEO of ORIOLE Hydro Padas Sdn Bhd exchanging the key project document with CEO of Sabah Electricity, Mohd Yaakob Jaafar witnessed by Shahelmey, Beroz, Industrial Development and Enterpreneuship Minister Phoong Jin Zhe, Yayasan Sabah director Datuk Seri Ghulamhaidar Khan, SE chairman Datuk Seri Panglima Wilfred Madius Tangau and guests. KOTA KINABALU (April 30): Jentayu Sustainables Berhad (JSB) has announced the successful exchange of key project documents for Project Oriole, its 162MW run-of-river hydropower project located at Hulu Sungai Padas, Sipitang. The ceremony, held today, was witnessed by Deputy Chief Minister Datuk Shahelmey Yahya who represented Chief Minister Datuk Seri Panglima Hajiji Noor. The ceremony marked the formal exchange of the Power Purchase Agreement (PPA) between Oriole Hydro Padas Sdn Bhd (OHP) and Sabah Electricity (SE) and the Engineering, Procurement, Construction and Commissioning (EPCC) contract between OHP and a consortium led by XD Power Transmission Sdn Bhd (XD Power). Project Oriole is a landmark private sector renewable energy investment for Sabah, aligning with the state's commitment to clean, sustainable development to support its economic ambitions. Developed through OHP, the project is a collaborative effort between JSB, Sabah Electricity and Yayasan Sabah, reflecting a shared commitment to ensuring that the project's long-term benefits are anchored within the state. Project Oriole is also the first new plant PPA signed under ECoS, marking the State's continuous efforts to meet the rising demand for reliable electricity. Scheduled to commence commercial operations by 1st June 2029 under a 40-year concession agreement with Sabah Electricity, Project Oriole will deliver renewable energy at a competitively set tariff of 31.5 sen per kilowatt-hour. This long-term tariff positions the project among the most affordable green energy initiatives in the region and highlights Sabah's ability to generate cost-effective, clean electricity while further strengthening the state's commitment to enhancing energy security. JSB Executive Chairman Datuk Beroz Nikmal Mirdin said, 'We are honoured to complete the PPA and EPCC exchange here in Sabah. This milestone underscores our dedication to advancing Sabah's Energy Roadmap 2040 and reflects our confidence in delivering affordable, green infrastructure that benefits both the state and its people.
