Gulf states push incentives for investors, expats after war dents image
Several Gulf states are working to recover their images as global havens of stability in the wake of the Iran war.
The United Arab Emirates, Saudi Arabia, Kuwait and Oman have all unveiled or advanced measures to attract or retain foreign investors, wealthy residents, tourists and workers in June in an effort to restore confidence after the US-Israel-Iran war rattled one of the Gulf's biggest selling points: stability.
The moves, ranging from expanded visa access to eased foreign property ownership, follow nearly 100 days of conflict that disrupted travel, unsettled financial markets and prompted some foreign residents to flee Gulf states.
What happened: On June 25, the UAE expanded its visa-on-arrival program to include nationals of six countries who hold residency permits in certain of the world's major economic heavyweights. The new visas apply to citizens of Indonesia, Vietnam, Thailand, the Philippines, Kenya and South Africa, provided they hold a valid residence permit issued by the United States or a European Union member state, among others.
The move was the latest in a flurry of similar recent announcements that began even before the June 17 interim US-Iran peace agreement. Days before the deal, Kuwait unveiled a new 15-year residency permit for foreign investors. On June 21, Oman announced it was amending foreign residency regulations with the goal of easing rules for property owners and investors by introducing new visa and residency privileges.
