Companies that plan to relocate their personnel to the UAE under NextGen FDI will be offered special incentives. Image Credit: Clint Egbert/Gulf News

Dubai: Nine new global companies have joined the NextGen FDI initiative, the Ministry of Economy said Sunday. The initiative was launched by the UAE government in July 2022, with an aim to attract 300 digitally-enabled companies that focus on advanced technology applications in various sectors. NextGen FDI supports these companies’ expansion in the country and is set to boost the national economy with nearly $500 million.

“Since launching NextGen FDI, we have received unprecedented interest from businesses across the world that recognize the dynamism of our ecosystem, from rapid set-up options and light-touch regulation to high-quality workforce and supportive, compatible business networks,” said Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade. “We welcome this exciting group of companies and look forward to supporting the next stage of their growth journeys.”

The latest cohort, which includes Tickets Marche Company, Kasta, The Datafirm, Flyby, Mazarine Group, Polygon, BHAG, HPS, and YuanLi Group, will benefit from an array of incentives and benefits offered by the NextGen FDI initiative. These include support in establishing their new headquarters; support for the smooth and rapid transition of management and employees, in addition to support in obtaining the necessary financing; and rental and housing incentives - all of which contribute to their expansion in the UAE market. “The nine new companies reflect the broad scope and ambition of the initiative, and underline the success of the UAE’s efforts to foster future industries in a sustainable manner,” the ministry said in a statement.