Hundreds Of Global Tech Firms Setting Up In UAE
New moves by global new and hi tech businesses to make the UAE a regional development and sales hub under the NextGenFDI Initiative amongst attractive start up incentives and a huge regional market
Dozens of international companies are primed to set up home in the UAE amid a major drive to cement the country’s status as a global tech hub. Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said he was hopeful that close to 40 firms would announce their relocation to the Emirates before the end of 2022 with many more in the pipeline for 2023.
The ambitious efforts to broaden business horizons is part of the NextGenFDI initiative, which aims to attract advanced technology companies from all over the world with a series of incentives.
These include making licensing and financing easier, offering golden visas, providing commercial and residential lease incentives, relocation guidance, cloud infrastructure and affordable education for families.
Al Zeyoudi said that “We were talking to about 300 companies when we launched the initiative, but we exceeded that number to almost 400 companies so far. There is serious engagement and partnerships with almost 40 companies, and hopefully before the end of the year we’re going to announce that they’re either opening their regional headquarters or moving their global headquarters here. Many of these companies are going to be huge or bring huge added value.”
Some of these companies are focused on robotics, which Al Zeyoudi said would “improve efficiency and many surveillance and monitoring areas within the country and in overseas markets”.
Food & Dairy Security
Another organisation relocating to the UAE focuses on lab-grown milk. “It is going to be a game changer in the food security of the country where we’re going to be a net exporter of milk from the UAE after they fully run their operations. These are some of the examples how the technology can play a major role in shifting the way that we’re running things and achieving many of the strategies that we have in the country.”
In the weeks after the NextGenFDI initiative was launched in July, various companies decided to relocate their global or regional headquarters to the UAE.
These include Krush Brands, a full-stack food ordering and operating platform, which will transfer over its technology arm and create 700 jobs in the next two years. Another is the UK-based agile software development company Godel, which will establish its regional base in the Dubai International Financial Centre and form a 250-strong workforce in the UAE within two years.
Dezan Shira & Associates a prominent foreign investment practice with over 30 years of Asian experience have also opened an office in Dubai and can assist other foreign investors into the UAE. “The UAE is a springboard to a nearby regional market of 3.5 billion people and excellent modern facilities and tax incentives” says the firm’s Middle East Director, Maria Kotova. “Please contact us to learn more about the many incentives the UAE has to offer, the best development zones to be based in and the optimum corporate structure to utilize and gain a foothold in this massive developing regional market.”
Middle East Briefing is produced by Dezan Shira & Associates. We provide foreign investment market intelligence about doing business in the region as well as provide updates on investments into Asia for Middle eastern based international companies from our offices in Dubai. Our firm was established in 1992 and has 28 offices and several hundred research, legal, tax and compliance professionals in our offices through the Asian region.
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