Watch: UAE launches 'NextGen FDI' to attract world's digital businesses and talent and set up here
Entry for digital companies into UAE to be fast-tracked, incentives for relocations
Dubai: The UAE Ministry of Economy has launched a project to bring more than 300 digital-focussed businesses to set up bases here within six to 12 months. The ‘NextGen FDI’ initiative will provide these companies with necessary market entry support to launch and scale from within the UAE. The Ministry plans to roll out additional features in the coming months.
Businesses wanting to base here will be helped with faster incorporation processes, through bulk visa issuance, accelerated banking services, and providing commercial and residential real estate incentives for companies relocating personnel to the UAE. The programme will focus on new-gen companies who specialise in software development, data scientists, computer programming and digital asset entrepreneurs. “We want to show digitally-enabled companies from Europe Asia, and the Americas that UAE is the world's best place to live, work or invest,” said Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.
“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 from the commercial license, work visas, opening bank accounts, 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.”
Strategic partnerships
The NextGenFDI will have partnerships with seven local entities - ADGM, DIFC, Dubai Internet City, Dubai South, DMCC, EmiratesNBD and Wio. The Ministry has signed seven memoranda, one with each of our strategic partners to expedite the incorporation process and be as flexible as possible.
“This will remove the complexity associated with establishing new businesses," said Juma Al Hamli, Chief of Staff at Abu Dhabi Global Market (ADGM). "We have not only removed complexity and cost associated with establishing new businesses but also built a strong ecosystem that will help this organization that moved to the UAE to grow.”
About 60 per cent of the regional companies are based here at the centre. However, with this initiative, we will be working together with like minded institutions and individuals to further multiply the impact of FDI in Dubai and therefore into the region into the UAE