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No such thing as a permanent visa.

Work permit and residency visa are two seperate things. You can have a residency visa only but not work permit only.

Interesting article about Damac Maaad. I saw that the other day too. AED 10 bn is a lot of money to have lying around and I doubt they have that. I expect they intend to fund it either from an IPO (which they said was coming in the next 3 years) and/or selling off-plan. I thought that was how Emaar, Nakheel, UPP funded their developments?

If they've got one building complete, they're doing better than most. Emaar seems to be the only property developer that has completed residential buildings (for foreign owners) at the moment.

But as arnie says, without access to their accounts (they're not publicly listed BTW), it's difficult to really see how they're doing.

Just a quick clarification re vresidency / developper sponsorship or at least this is how Emaar does it at the moment I believe:

Only immediate family of owner is sponsored .
Children under 21 only are aponsored
No sponsorship is allowed if owner or one of joint owners is already sponsored through his/her company.

Once again , because this keeps coming back : We are talking about residency here not work visa. residency does not allow one to work in the UAE. Work visas can only be obtained through emplyers.

Breeze wrote:Just a quick clarification re vresidency / developper sponsorship or at least this is how Emaar does it at the moment I believe:

Only immediate family of owner is sponsored .
Children under 21 only are aponsored
No sponsorship is allowed if owner or one of joint owners is already sponsored through his/her company.

My understanding is that only the first named owner can be sponsored. S/he then sponsors family members themselves. And s/he can only get residency through developer if there is no other way for them to get residency e.g. through company as you say. But sponsorship status of other owners is irrelevant.