The Finance World Magazine| Edition: April 2023

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Tourism The UAE To Extend the Prospects of the 5-Year UAE Tourist Visa Dubai’s growth has exceeded both global and regional tourism recovery levels, and this progress aligns with the Dubai Economic Agenda D33, a plan launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. As the plan aims to solidify Dubai’s position as one of the leading cities in the world for travel and business, the UAE has been reforming visa rules and offering more incentives for tourists and investors alike, one of which is the 5-year tourist visa. The visa program has been instrumental in fostering a significant rise in both tourism and business activity within the UAE. 94 www.thefinanceworld.com April 2023
The Federal Authority for Identity, Citizenship, Customs & Port Security (ICP) has introduced the provision of multiple-entry tourist visas for families. In the past, individuals had to apply separately for each family member, which involved submitting identical documentation for each application. However, the ICP website has now made it possible for families to apply collectively as a unit, thereby simplifying the process. The UAE’s announcement of the new 5-year UAE tourist visas has several objectives, including facilitating the entry process and improving convenience for visitors as well as enhancing the attractiveness of the destination and augmenting the tourism sector’s contribution to the nation’s economy. According to reports, the CEO of the Dubai Corporation for Tourism and Commerce Marketing, Issam Kazim, has stated that the response to the five-year tourist visa has been positive, although it has been implemented gradually so far. Kazim has expressed a desire to expand the program more extensively in collaboration with the authorities, as it would help to attract more tourists, particularly from the neighboring region. The availability of a multi-entry visa is expected to be advantageous in this regard. However, the UAE is in the process of developing a plan to broaden the scope of its five-year multiple-entry tourist visa, which enables visa holders to travel to and from the country multiple times, provided they spend a minimum of 90 days during each visit and do not exceed 180 days of stay per year. Introduced in March of the previous year by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister and Vice-President of the UAE and Ruler of Dubai, the visa initiative aims to strengthen the UAE’s status as a prominent global economic hub. The visa program has played a critical role in increasing tourism and business activity in the country, as it allows individuals to spend extended periods of time with their families in the UAE without having to repeatedly apply for a visa. How to Apply for the 5-Year Visa: The extension of the five-year visa has the potential to attract a greater number of tourists and significantly stimulate the economy of the UAE. You can apply for a visa through various online platforms such as the GDRFA website, the ICP portal, or the GDRFA- Dubai Smart Application. To complete the application process, you need to upload the necessary documents and make the payment of the fees. Required Documents: The following documents are necessary for the visa application: • A bank statement from the past six months to demonstrate a minimum balance of $4,000 or its foreign currency equivalent. • Proof of UAE health insurance. • A recent colored passport-sized photo with a white background. • A photocopy of the front and last page of the passport. Additional documents required are a flight ticket copy, hotel booking or lease agreement, and proof of residence like an invitation letter from friends or family residing in UAE. How Much it Costs: According to the details provided on the GDRFA website, the cost of a five-year multiple entry visa is Dh1500 (USD 408). Furthermore, there will be a collection commission charged by the Commercial Bank of Dubai, which amounts to Dh20 per transaction for individuals and Dh50 for companies, and Dh15 for Emaratech companies. If applying through Amer Centers, the application process fee will be Dh100. April 2023 www.thefinanceworld.com 95
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SUBSCRI B E N O W March 2023 FEBRUA
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Contents March 2023 PERSONAL FINANC
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Personal Finance Understand Your Cr
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UAE Banking UAE residents get a cha
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UAE Banking News UAE Banks’ Inves
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UAE Reforms Central banks of UAE an
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Fintech Eight UAE-Based Fintech Sta
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Fintech News DIFC’s Fintech and I
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Fintech Application OG Pay OG Pay i
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Business UAE and Turkey CEPA Agreem
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Business News UAE-Turkey non-oil tr
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Wheels FERRARI F8 TRIBUTO The Ferra
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Cover Story Hadif Abdullah Zamzam,
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Cover Story Industries slow to adop
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Start-up Four Promising Dubai-Based
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Startup News Saudi Arabia start-ups
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Energy 36 www.thefinanceworld.com A
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Energy International Finance Corpor
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Energy News ACWA Power signs deal f
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Page 44 and 45: Healthcare The UAE’s Healthcare s
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