UAE to grant 'bling visa' for wealthy expats only

The United Arab Emirates has announced a scheme that will allow wealthy foreign investors to gain permanent residency in the oil-rich state.

Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum announced the so-called "Golden Card" project in a statement published by state media on Tuesday.

Sheikh Mohammed said the scheme that targets investors, entrepreneurs and professionals talents aims to attract greater foreign investment and stimulate the country's economy.

"Throughout history, the UAE opened its door to millions of people looking for to pursue their dreams and better their lives," Sheikh Mohammed said.

The move comes after the UAE has been hit by by relatively low oil prices and huge budget bills - mostly to fund the country's generous welfare state for nationals.

The millions of migrant labourers who have constructed the gleaming skyscrapers of Dubai will likely not qualify for the "Golden Card".

Foreign workers, who make up almost 90 percent of the country's population, are subjected to a controversial system known as kafala that keeps many impoverished labours as virtual slaves.

The kafala system forbids them to leave or change employers without their initial employer's consent.

If they do, they can be arrested and punished for "absconding" with fines, detention and deportation.

Gulf state Qatar has recently announced plans to abolish its controversial exit visa system for all foreign workers by the end of the year.