Dubai is looking to attract retirees by gearing up a program first started two years ago that’s taken on greater urgency as the Middle East business hub contends with the flight of expatriates amid an economic downturn.
Foreigners over the age of 55 will be eligible for a five-year renewable visa if they meet certain criteria, according to the Dubai Media Office. In its initial phase, the program will focus on residents working in the second-biggest sheikhdom in the United Arab Emirates.
Built on trade and tourism in a region reliant on oil, Dubai saw its population growth slow for three straight years even before the global pandemic shook up its economy. With job losses in the UAE accelerating to the fastest on record, the emirate runs the risk of seeing more expatriates choosing to decamp to other countries or return home.