Developers no longer providing residency permits in UAE Several businessmen in Qatar feel that a reported move by some master developers in Dubai to stop offering residency visas to foreigners buying a property would discourage Qatari businessmen from investing in the vibrant real estate sector in the Emirate. Quoting Emirates Business, a news agency reported yesterday that some master developers in Dubai have removed a clause from contracts with investors that guarantees them residency visas if they buy a property. The Dubai government allowed foreigners to invest in properties in 2002, which has immensely contributed to the real estate boom in the commercial hub. When asked for his opinion on the issue, Ahmed Nasir Al Raees, a prominent Qatari businessman, told The Peninsula yesterday the development might lead to a fall in the demand for properties and a consequent fall in prices. "This in turn would deter foreigners from investing in this sector," said Al Raees. He, however, felt that developers in Qatar are not likely to follow Dubai's example. "The economic boom in Qatar has only started while Dubai has experienced it long ago," he said. Hassan Al Jefairi, another Qatari businessman and analyst, said some developers in Dubai have recently stopped offering long-term visas to foreign investors, but the government was silent on the issue. He said the move is not likely to have an immediate impact on the economy since property prices still remain high in Dubai. "However, it can have an impact in the long run, as the prices get stabilised in the market," he said. The Pen Looks like Dubai has some new idiots in town. Good for Qatar though

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