Dubai property developer Nakheel says that changes to UAE visa rules that include allowing 10-year visas for certain highly qualified professionals and investors will be positive for the real estate sector.

“We welcome the changes to residency visa regulations, which will undoubtedly have a positive effect on the UAE economy – and in particular the real estate sector,” says Nakheel chairman Ali Rashid Lootah.

The government said on 20 May that the UAE residency laws will change.

The new system will grant residency visas of up to 10 years for specialists in medical, scientific, research and technical fields, as well as for all scientists and innovators, five-year residency visas for students studying in the UAE, and 10-year visas for exceptional students.

The move will help attract talent and promote investment.

“The UAE will remain a global incubator for exceptional talents and a permanent destination for international investors," said UAE Vice-President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum on his personal website. "Our open environment, tolerant values, infrastructure and flexible legislation are the best plan to attract global investment and exceptional talents in the UAE."

Nakheel is one of Dubai’s most active property developers. It made a net profit of AED1.55bn ($422m) in the first quarter of 2018, an increase of 5 per cent compared with the same period in 2017.

The developer is also an important customer for construction companies. Between 1 January and 31 March 2018, Nakheel signed construction contracts worth almost AED5bn.