Digital companies are in demand as the UAE focuses on attracting some 300 digital companies within six months to a year from all over the world to the land of opportunities.
A new FDI initiative called the NextGenFDI initiative will offer a faster business set-up process, access to finance, easier visa procedures, and attractive leasing terms. The intention is to see UAE develop as a desirable FDI country and a preferred global tech center.
Towards the first phase, some 300 digital companies in a span of six months would be invited to set up shop here. According to Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, “We are moving from a regional hub to a global hub, we are competing with the big boys now. The competition in the last [few] years was with the region, now we are moving to become a global hub and attract companies and FDI.”
Ranked globally in terms of FDI flow at the 17th position, the Emirate attracts almost $20.7 billion worth of FDI in 2021, up 4 percent from 2020. There are big plans for this Emirate. For starters, the ones to be invited would focus on companies led by software developers, data scientists, computer programmers, and digital asset entrepreneurs.
“We want to show digitally-enabled companies from Europe, Asia, and the Americas that the UAE is the world's best place to live, work, invest and scale [up],” Dr. Al Zeyoudi has communicated through a formal media release. To give more teeth to its tech growth, the Ministry of Economy signed partnerships with seven entities in Dubai and Abu Dhabi to convince digital companies to establish offices or headquarters in the UAE.
These include the Abu Dhabi Global Market, the Dubai International Financial Centre, the Dubai Multi Commodities Centre, Dubai Internet City, Dubai South, Emirates NBD, and the digital banking platform Wio.
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