October 2023 in review: News highlights

October 2023 in review: News highlights

GCC to introduce unified Tourist Visa within 2 years to boost regional tourism.

A unified tourist visa for the Gulf Cooperation Council (GCC) region is set to be introduced within the next two years. GCC tourism ministers unanimously endorsed this initiative, which aims to simplify travel and boost tourism across the Gulf states. The new visa will grant access to six countries under a single unified tourist visa, fostering economic synergy. The targeted rollout is expected between 2024 and 2025, contingent on the readiness of each GCC country's internal systems. This initiative is a crucial part of the GCC 2030 tourism strategy, which seeks to increase tourism and hotel occupancy rates significantly in the region.

UAE poised to become global leader in Stablecoin Market.

The UAE is poised to launch the world's first dirham-backed stablecoin, presenting a formidable challenge to the $125 billion US dollar-backed stablecoin market. This groundbreaking move signifies a pivotal moment for the UAE's digital asset sector, promising remarkably cost-effective cross-border payments for its users.

With an evolved policy framework and a focus on cryptocurrency, the UAE is positioning itself as a global contender in the stablecoin market. This launch is expected to spark innovation, attract investments, and streamline the use of digital assets for residents and businesses alike, ultimately reshaping the financial landscape in the region.

UAE Visit Visa Extension Now Available for 30 Days at Dh750 Fee.

The UAE visit visa can now be extended only once for an additional 30 days, with a fee of Dh750. This extension is applicable to visitors holding a visa for visits of 30, 60, or 90 days. The extension decision, implemented according to a UAE Cabinet decision, requires the visitor to be present in the country, and the passport must have at least six months of validity. The Dh750 fee includes issuance, application, smart services, and authority fees. Visitors can apply for the extension through the "UAEICP" smart application, with specific conditions for issuance, including proof of kinship and financial guarantees.