Will Permanent Residency help improve and grow the economy of UAE?

Yes,Also it will also open door for entrepreneurs, scientists, academics and other hardworking individuals & give them a chance to grow on a larger scale & help the economy prosper .     cheers.Nk

I also agree to your statement Nazia and in conjunction to that I also would say this will bring lot more people to and assess to UAE. The country is very well developed, ample good life, great living, lifestyle, no boundary to how much an individual wish to spend and also provides an opportunity to save if one wants to. It is great place to live, settle. Yes this will definitely boos economy also and will make it more self reliant instead of any oil revenue.