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Should I renew my expired residence permit or apply for a permanent visa?

I am a digital nomad who has been living in and out of Dubai for work and travel in the past year. I recently learned about the grace period extension to update my immigration status. I'm considering the possibility of permanently residing in the UAE. Should I renew my residency status anyway, or should I focus on applying for a separate option for permanent residency? If the latter, would that grant me a sort of "conditional residency" while my application is reviewed?