UAE Aims To Attract 300 Tech Companies For Investment
This might be the best time for foreign tech companies to invest in the UAE, as it launched a new initiative named “NextGen FDI” to attract more foreign direct investment and position itself as a global tech hub.
Via this initiative, the UAE hopes to attract over 300 tech companies from Asia, Europe, and the USA, to establish a presence within the country to center itself within the tech world and become a truly global tech hub.
The Middle Eastern country also believes it can achieve this within six months to a year, creating an interesting deadline given the ambitious initiative.
“We are ready to seize opportunities to attract new generation companies in the field of software development, computer programming, and other new-age technology sectors. We want digital and technology majors from Europe, Asia, and the USA to set up operations here because the UAE is the best place to live and work. We are targeting more than 300 companies from around the world in the first year,” said Dr. Thani bin Ahmed Al Zeyoudi, the UAE’s Minister of State for Foreign Trade as per Khaleej Times.
The NextGen FDI initiative will provide benefits, including speeding up the licensing process, helping companies get visas for their employees, and offering commercial and industrial leases at more economical and discounted rates, making investing in the UAE attractive for global tech companies.
“We are promising to offer high but practical measures making it painless and rewarding for companies to relocate here in the UAE. We want to show that we are here to help with the commercial license, work visas, opening bank accounts, and finding the place to set up offices. Today, it is licensing, banking, and visa, tomorrow, we will be rolling out additional features to the initiative as they materials,” stated Dr. Al Zeyoudi, the UAE’s Minister of State for Foreign Trade as per Gulf News.
Who Is Collaborating To Make This Happen?
The collaboration of several entities such as the Ministry of State for Foreign Trade, Dubai South, Abu Dhabi Global Markets, Dubai International Financial Centre, Dubai Internet City, Dubai MultiCommodities Centre, and Emirates NBD bank is what makes these benefits possible.
Each of these entities provides its own expertise within its element, be it banking, financing, and so on.
“We are moving from a regional to a global hub for investment, trade, and digital industries. Through this initiative, we will ensure that the ecosystem is even more attractive for global companies. More benefits will be announced in due course,” said Dr. A- Zeyoudi, the UAE’s Minister of State for Foreign Trade.
The UAE has been positioning itself to be a technological hub within the region for years now, and this is just the first step to doing the same on a global level. It will take some time to reach that goal, however, these incentives will definitely help along the journey to get there.
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