Emirates News Agency – UAE launches NextGenFDI to attract world’s best digital companies

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DUBAI, 6th July, 2022 (WAM) — The United Arab Emirates has launched ‘NextGenFDI’, a major campaign to attract digital businesses and highly skilled talent to the country.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, who is overseeing the dossier to attract FDI and global talent to the country, said NextGenFDI will encourage more than 300 global technology companies and software developers, scientists from data and encoders to be moved. the bucket.

A growing range of measures have been introduced to make the market entry process for businesses simpler and more efficient. These include fast and flexible incorporation processes to expedite licensing, bulk visa issuance, banking facilitation, and commercial and residential rental incentives. So far, seven strategic partners have signed up under the initiative, such as Abu Dhabi Global Market (ADGM) and Dubai International Financial Center (DIFC) financial centers, Dubai South and DMCC free zones, the hub technology Dubai Internet City, Emirates NBD and WIO banks. Others should join in the following phases.

NextGenFDI aims to leverage the unique competitive advantage of the United Arab Emirates and its global position as a leading business, investment and innovation center to support the growth of the national economy focused on knowledge. The campaign was launched by Dr. Al Zeyoudi alongside senior NextGenFDI representatives.

NextGenFDI aims to source companies from around the world that focus on applied technology in various industries and provide them with the market entry foundation needed to launch and grow from the UAE. These companies have highly skilled developers, coders, and consultants in AI, games, data science, and software. Housing such talent in the UAE is vitally important and this new initiative will make the market entry process for brilliant minds with big ideas as seamless as possible. possible.

“Large and SMEs from all over the world are contacting us and asking how they can relocate their talent, ideas and high-growth businesses to the United Arab Emirates,” said Dr Al Zeyoudi. “Global interest in 2022 is unprecedented and while we are already working with some, we know many more want to follow suit. We want to ensure that the world’s most promising digital businesses can access all the benefits attractive and business-friendly environment, but we also want to make it easier for them.NextGenFDI is designed to ensure that our market entry process is as streamlined and coordinated as our technology ecosystem.

He added: “On the one hand, these are hyper-convenient measures – making it painless and rewarding for businesses to relocate here. On the other hand, following the pandemic and the UAE’s actions to positioning itself as a highly agile and resilient country economically, this is a unique opportunity to bring some of the best minds to the UAE and contribute to our drive to become the world’s leading center of innovation for years to come. If you are a business with a strong idea, the UAE would love to see it come to fruition and we are here to make that process as easy and efficient as possible.”

Dr Al Zeyoudi further said, “This is a once-in-a-generation opportunity to attract the smartest and most skilled to our country to support our efforts to make the UAE the leading innovation hub of the future. We want to ensure that promising digital businesses around the world can access all the benefits offered by our attractive and business-friendly investment environment.”

The United Arab Emirates is one of the fastest growing economies in the region. The IMF projects that economic growth will accelerate to 4.2% in 2022, contrasting with a slowdown in Europe, Asia and the United States. Monitor’s (GEM) 2022​, as well as the first country in the region to attract foreign direct investment.

As a key pillar of its talent attraction campaign, the National Coder Program is offering golden visas to 100,000 computer coders. The UAE also aims to create 1,000 new digital businesses and increase investment in startups from around $400 million to $1.3 billion. The NextGenFDI initiative will complement and accelerate these efforts.

“We are delighted to be part of the NextGen FDI, an excellent initiative of the Ministry of Economy which aims to attract the best technology companies and the best talents to stimulate the economy of the emirate. In Dubai South, our vision is aligned on all government initiatives, and we will provide our full support to meet all business needs towards achieving NextGen FDI’s overall objectives.” said Khalifa Al Zaffin, Executive Chairman, Dubai Aviation City Corporation and Dubai South.

Commenting on the launch of the NextGenFDI campaign, Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Global Market (ADGM), said, “The UAE’s comprehensive business ecosystem and political stability continue to position the country as the destination of choice for FDI ADGM has been playing an anchoring role in the region’s financial landscape by actively pioneering progressive regulations and innovative solutions to enable financial intermediation and attract more liquidity and investment. premier framework of crypto assets in the region and beyond.”

He further added, “We intend for Abu Dhabi and the United Arab Emirates to become a center for raising and deploying capital with careful risk management in support of long-term, growth-oriented economic growth. sustainable way for next-generation businesses. ADGM’s partnership in this campaign is a step forward and resonates with our commitment to work hand-in-hand with the UAE government, regulators and private sector to develop a holistic approach, which strengthens our country’s global position as an innovative investment centre.

For his part, Arif Amiri, CEO of DIFC, said, “DIFC has built the region’s largest FinTech and innovation community in the Middle East and North Africa with nearly 600 companies, representing more than 60% of all those in the region.

“This already includes 34 people from Eastern Europe and South Asia, showing that DIFC is the perfect choice to help them access the fast-growing markets of the Middle East, Africa and South Asia.

“We provide them with the most comprehensive innovation proposition in the region, which includes education, participation in incubator and accelerator programs, profitable operating and regulatory licenses, access to expertise and resources, and funding options,” he said.

In line with the DIFC 2030 strategy, the Center supports sustained economic growth and further differentiates Dubai as a global hub for financial institutions, FinTech companies and innovative businesses.

Ammar Al Malik, Managing Director of Dubai Internet City, said: “The MENA region is a cradle of vast opportunities given the size and diversity of its markets. Our leadership’s progressive business policies along with access to skilled talent have made the UAE a reliable destination. and an attractive hub for global businesses and regional businesses. At Dubai Internet City, we are proud to have played a vital role in providing a competitive ecosystem for technology companies to thrive and collaborate over the past 20 years and aim to continue to improve our offers to attract new ambitious customers.”

Ahmad Hamza, Executive Director – Free Zone, DMCC, said, “As the fastest growing free zone in the world with over 21,000 registered businesses, DMCC is delighted to partner with the Ministry of Economy of United Arab Emirates as part of this strategic growth initiative. By streamlining incorporation processes and providing key services, NextGenFDI will further facilitate the relocation of innovative and high-tech companies from around the world to the United Arab Emirates, which continues to demonstrate its commercial appeal as a hub for global businesses. . »

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