UAE launches NextGenFDI to attract world’s top digital companies

The UAE has launched NextGenFDI, a campaign 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 file to attract FDI and global talent to the country, said that NextGenFDI would encourage more than 300 global technology firms, software developers, data scientists and coders to relocate to the UAE.

An array of measures have been introduced to make the market entry process for companies simpler and more efficient. These include rapid and flexible incorporation processes to speed up licensing, bulk visa issuances, banking facilitation and commercial and residential lease incentives.

Today, we announced #NextGenFDI – a new campaign to attract fast-growing digital companies and their sharpest minds to our country. ? With seven major stakeholders signed-up to speed the process of market entry, this new initiative is business-friendly to the core pic.twitter.com/4QUynPnElq

— د. ثاني الزيودي (@ThaniAlZeyoudi) July 6, 2022

Seven strategic partners have signed up under the initiative so far, these include Abu Dhabi Global Market (ADGM), Dubai International Financial Centre (DIFC), Dubai South, DMCC, Dubai Internet City, Emirates NBD and WIO. More partners are expected to join in subsequent phases.

NextGenFDI aims to leverage the UAE’s unique competitive advantage and global standing as a leading business, investment and innovation hub to support the growth of the nation’s economy.

Its vision is to seek out businesses from all over the world that are focused on applied technology and provide them with the necessary market entry, to launch and scale from within the UAE.

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

“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 business-friendly environment offers. NextGenFDI is designed to ensure that our market entry process is as streamlined and coordinated as our technology ecosystem,” said Al Zeyoudi.

He added, “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 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.”