Abu Dhabi, Khaleej Times - 06 July, 2022
Companies
to be offered benefits including rapid license processing, leases at discounted
rates.
The UAE’s
Ministry of Economy on Wednesday launched a new initiative to attract over 300 technology
and digital-focused firms in the first year in a bid to make the country a
global hub for technology companies.
“We are
moving from regional to a global hub. We are now competing with the ‘Big Boys’
to attract global companies in new-age technologies,” said Dr Thani bin Ahmed
Al Zeyoudi, the UAE’s Minister of State for Foreign Trade.
The
NextGenFDI initiative has been launched in cooperation with seven strategic
partners including Dubai South, Abu Dhabi Global Markets, Dubai International
Financial Centre, Dubai Internet City, Dubai MultiCommodities Centre and
Emirates NBD bank.
The
minister said the UAE is aiming to be one of the top 10 countries to attract
foreign direct investment (FDI).
According
to the UN Conference on Trade and Development’s (UNCTAD) latest report released
last month, the UAE was ranked 19th on the list of the world’s largest FDI
recipient countries and first in the Arab World.
Foreign
direct investment flows into the UAE increased five per cent to $21 billion
(Dh77 billion) last year, maintaining its ranking among the world’s top 20 FDI
recipient nations.
New
initiative benefits.
The global
technology companies will be offered additional incentives to set up their
presence in the UAE including a rapid licence process for the companies and
visas for their employees and accelerated banking services. In addition, they
will also be offered commercial and industrial leases at more economical and
discounted rates, said Dr Thani.
The
initiative will focus on companies that offer services in the field of software
development, artificial intelligence, data science, computer programming and
others. “We are moving from regional to a global hub for investment, trade and
digital industries. Through this initiative, we will ensure that ecosystem is
even more attractive for global companies. More benefits will be announced in
due course,” he said.
The
minister added that the initiative will help next-generation companies from
Asia, Europe and America to establish a presence in the UAE.
“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 UAE is the best place to live and work. We are
targetting more than 300 companies from around the world in the first year,” Dr
Thani said at the launch of the initiative on Wednesday.
Khalifa Al
Zaffin, head of Dubai South, said the fast-growing community is already home to
some major e-commerce and logistics companies.
Juma Al
Hameli, chief of staff at Abu Dhabi Global Markets (ADGM), said the initiative
will help remove any complexity of establishing new companies.
“Abu Dhabi
and UAE have not only been able to remove obstacles for new businesses but also
have a strong ecosystem that attracts organizations to move to the UAE and
grow,” he said, adding that ADGM offers easier access to capital, angel
investors and venture capitalists.
Arif Amiri,
CEO of DIFC Authority, said they will be working together with like-minded
institutions to further multiply the impact of FDI in the UAE.
Ammar Al
Malik, CEO of Dubai Internet City, said this initiative is a natural
partnership to attract the best talent and utilise the amazing ecosystem that
Dubai and UAE offer.
Ahmad Hamza, executive director at Dubai Multi Commodities Centre (DMCC), said all the organisations have proven that they are successful. “We came together to make it a bigger success. The UAE has demonstrated that it is a global hub for companies to set up and grow. We had a record year at DMCC in 2021, registering just under 1,500 companies. We hope to attract more companies with this initiative,” added Hamza.
Source: Khaleej Times
