The UAE has started a campaign called NextGenFDI to attract digitally-enabled businesses and
highly qualified workers to the nation.
The campaign intends to use the nation’s distinct competitive edge and its global reputation as a top hub for business, investment, and innovation to assist the expansion of the economy of the country.
UAE is ranked first in the Arab world and nineteenth worldwide in terms of FDI inflows, according to the UN Conference on Trade and Development’s (Unctad) World Investment Report 2022, which was published in June.
Last year, the nation brought in FDI worth $20.7 billion, an increase of 4% over the previous year.
According to Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, who will be in charge of monitoring the initiative’s success,
This next-generation initiative will ensure that our set-up process is as slick as our technology ecosystem. We are offering hyper-practical measures to make it painless and rewarding for companies from Africa, Asia, Europe and the Americas to relocate here via #NextGenFDI pic.twitter.com/e4PPrBFLmC
— د. ثاني الزيودي (@ThaniAlZeyoudi) July 6, 2022
So far, seven strategic partners have joined the initiative. These include Abu Dhabi Global Market (ADGM), Emirates NBD, DMCC, Dubai South, WIO, and Dubai Internet City. Later phases are anticipated to see the addition of more partners.
Here is all the information you need to know about the project:
• NextGenFDI will concentrate on businesses run by software developers, data scientists, computer programmers, and entrepreneurs who specialise in digital assets.
• Within six to twelve months, the NextGenFDI initiative’s initial phase aims to attract 300 digital businesses.
• The programme aids companies in completing essential steps for a quick and easy market launch. These include expedient and adaptable incorporation procedures to speed up licencing, mass-issuance of visas, banking conveniences, and financial incentives for commercial and residential leases.
• It will concentrate on businesses run by software developers, data scientists, computer programmers, and entrepreneurs in the digital asset space.
The UAE has made a number of reforms, including the decision to move the UAE’s working week from Monday to Friday in order to be consistent with other major economies, extensive revisions to personal and labour regulations, and measures to allow foreigners to fully own onshore enterprises.
The expansion and strengthening of the country’s business and economic sectors are predicted as a result of this initiative’s addition to the portfolio.
