DUBAI, May 20 (Xinhua) -- The United Arab Emirates (UAE) cabinet on Sunday announced to grant top investors and professionals a long-term visa for up to 10 years, state news agency WAM reported.

The cabinet also approved 100 percent ownership of businesses by foreign investors by year-end, the report said.

The new system is in line with "UAE's position as a primary destination for international investors and global talents," said WAM.

The cabinet was chaired by Sheikh Mohammed Bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai.

Sheikh Mohammed Bin Rashid said "the UAE will remain a global incubator for exceptional talents and a permanent destination for international investors."

The system will grant investors and talents up to 10-year residency visas "for specialists in medical, scientific, research and technical fields, as well as for all scientists and innovators," according to WAM.

It will also grant five-year residency visas for students studying in the UAE, and 10-year visas for "exceptional" students.

The UAE, a major oil supplier, witnessed a decline in economic growth in 2017 in the wake of the multi-year oil slump.

The International Monetary Fund (IMF) said earlier in April the UAE real GDP grew in 2017 by an estimated 0.5 percent, down from 3 percent in 2016.

For 2018, the IMF expects 2 percent growth, while the Washington-based global financial stability institution urged the UAE government to implement economic reforms in order to attract foreign investments and talents.