General view of Dubai, United Arab Emirates October 15, 2018. Picture taken October 15, 2018. REUTERS/Ahmed Jadallah/File Photo
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The United Arab Emirates will offer long-term visas to rich property investors, senior scientists and entrepreneurs in an effort to support its economy and real estate market, which have been hurt by low oil prices.Detailed rules approved by the cabinet Saturday offer five-year residency to owners of UAE real estate worth at least 5 million dirhams ($1.4 million), as long as ownership is not based on loans, state news agency WAM reported.Renewable 10-year visas will be provided to foreigners with investments in the UAE of at least 10 million dirhams, if non-real estate assets account for at least 60 percent of the total. Share prices of UAE property firms, beaten down by slumping real estate prices, moved little Sunday in response to the new visa rules.
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