Vice President and Prime Minister of the United Arab Emirates, Emir of Dubai Mohammed bin Rashid Al Maktoum, announced a decision allowing foreigners over 55 to receive visas for 5 years after retirement, provided that they invest in UAE real estate no less than 2 million dirhams. In addition, a potential resident should have savings of at least 1 million dirhams, or his monthly income should be at least 20,000 dirhams. After the expiry of the 5-year period, the visa can be extended. Thus, the UAE authorities intend to support the Dubai property market and the UAE economy growth. 80% of all residing in the UAE are foreigners.