The UAE Cabinet has approved a law providing special residency visa privileges for expat retirees over the age of 55 who meet “specific requirements”.

The requirements include having an investment in a property worth AED2m ($544,000), or having financial savings of no less than AED1m ($272,000) or having an active monthly income of no less than AED20,000 ($5,445).

The visa will be valid for five years with a possible renewal for another five years subject to “specific conditions”, the Dubai Media Office said in a statement.

The law will take effect in 2019.

The new long-term visa regulation is expected to support the country’s real estate sector.

The UAE Cabinet also reduced tariffs for electricity consumption for the industrial sector, which will take effect next quarter.

The government reduced by 29 per cent electricity consumption for large factories; and, by 20 per cent to 22 per cent, charges for small to medium-sized factories.

The measure includes waiving service connection fees for new factories.

The UAE Cabinet also adopted other new regulations including:

• "One-day court" system to speed up the ruling in minor criminal offenses
• Control and stamping requirements for trading in precious stones and precious metals
• Unified national standards for public and private hospitals covering healthcare professionals and hospital design, as well as other standards for medicines, patients' rights, and patients’ families.