The United Arab Emirates has announced a major plan to stimulate its economy and liberalize residency for expatriates, as the country seeks to overhaul its finances and attract foreign capital and residents.

The country's finance minister on Sunday pledged that the government would pour some $13.6 billion into the economy over the next year. Other UAE ministries introduced various government overhauls.

The UAE for years since its independence has tied employment to residency status, giving employers outsized power and forcing people to immediately leave the country once they lost their jobs. The new plans give residents more time to seek other jobs after termination, allow youth over age 15 to gain employment and others to more easily join their families in the federation of seven sheikhdoms.

First Published:Sept 5, 2021 2:46 PM IST