The UAE has launched a major campaign called “NextGenFDI” to attract digitally-enabled companies and highly skilled talent to the country.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, who oversees the FDI and global talent attraction file, stated that NextGenFDI would encourage more than 300 global technology firms, software developers, data scientists, and coders to relocate to the UAE.
An expanding array of measures have been implemented to make the market entry process for businesses easier and more efficient. These include quick and flexible incorporation processes to expedite licensing, large-scale visa issuance, banking facilitation, and commercial and residential lease incentives. So far, the initiative has attracted seven strategic partners, including financial centers Abu Dhabi Global Market (ADGM) and Dubai International Financial Centre (DIFC), freezones Dubai South and DMCC, tech hub Dubai Internet City, and banks Emirates NBD and WIO. More are expected to join in later stages.
NextGenFDI aims to support the growth of the UAE’s knowledge-driven economy by leveraging the UAE’s unique competitive advantage and global standing as a leading business, investment, and innovation hub. Dr. Al Zeyoudi and senior representatives from NextGenFDI launched the campaign.
NextGenFDI seeks out businesses from around the world that are focused on applied technology in various sectors and provides them with the market entry fundamentals required to launch and scale from within the UAE. These firms employ highly skilled AI, gaming, data science, and software developers, coders, and consultants. It is critical to keep such talent in the UAE, and this new initiative will make the market entry process as smooth as possible for bright minds with great ideas.
“Large and SME businesses from across the world are approaching us and asking how they can relocate their talent, ideas and high-growth ventures to the UAE,” said Dr. Al Zeyoudi. “The 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 companies can access all the benefits that our attractive, business-friendly environment offers – but we also want to make it easy for them. NextGenFDI is designed to ensure that our market entry process is as streamlined and coordinated as our technology ecosystem.”
He added, “On one hand, this is about hyper-practical measures – making it painless and rewarding for companies to relocate here. On the other, in the wake of the pandemic and the UAE’s actions to position itself as a highly agile and resilient economy, this is a once-in-a-generation opportunity to bring some of the finest minds to the UAE and contribute to our drive to become the world’s leading innovation hub for years to come. The UAE has a relentless focus on helping next-generation businesses to scale at speed and the leaders of future industries recognise that. If you’re a company with a strong idea, the UAE would like to see it materialise and we’re here to make that process as simple and efficient as possible.”
Dr. Al Zeyoudi further stated, “This is an opportunity that comes by only once every generation to attract the smartest and most qualified to our country in support of our efforts to make the UAE the leading innovative hub of the future. We want to ensure that promising digital companies in the world can access all the benefits provided by our attractive and business-friendly investment environment.”
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