UAE launches new initiative to attract 300 technology firms

The UAE’s Ministry of Economy on Wednesday launched a new initiative to attract 300 technology firms in the first year to make the country a global hub for technology giants.

“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 initiative – called NextGenFDI – 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).

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. In addition, they will also be offered commercial and industrial leases at more economical and discounted rates, said Dr Thani.

“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.

-waheedabbas@khaleejtimes.com