Page 85 - SAMENA Trends - July-August 2022

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

UAE Launches NextGenFDI to Attract World’s Top Digital Companies

The UAE has launched "NextGenFDI", a world that are focused on applied once-in-a-generation opportunity to bring
major campaign to attract digitally enabled technology within various sectors and some of the finest minds to the UAE and
companies and highly skilled talent to the provide them with the necessary market contribute to our drive to become the
country. Dr. Thani bin Ahmed Al Zeyoudi, entry fundamentals needed to launch and world’s leading innovation hub for years to
Minister of State for Foreign Trade, who scale from within the UAE. These come. The UAE has a relentless focus on
oversees the file to attract FDI and global companies have highly skilled developers, helping next-generation businesses to
talent to the country, said NextGenFDI coders and consultants within AI, gaming, scale at speed and the leaders of future
would encourage more than 300 global data science and software. Housing such industries recognize that. If you’re a
technology firms and software developers, talent within the UAE is of vital importance company with a strong idea, the UAE would
data scientists and coders to relocate to and this new initiative will make the market like to see it materialize and we’re here to
the UAE. An expanding array of measures entry process for bright minds with great make that process as simple and efficient
have been introduced to make the market ideas as seamless as possible. "Large and as possible." Dr. Al Zeyoudi further stated,
entry process for companies simpler and SME businesses from across the world are "This is an opportunity that comes by only
more efficient. These include rapid and approaching us and asking how they can once every generation to attract the
flexible incorporation processes to speed relocate their talent, ideas and high-growth smartest and most qualified to our country
up licensing, bulk visa issuances, banking ventures to the UAE," said Dr. Al Zeyoudi. in support of our efforts to make the UAE
facilitation and commercial and residential "The global interest in 2022 is the leading innovative hub of the future. We
lease incentives. Seven strategic partners unprecedented and while we are already want to ensure that promising digital
have signed up under the initiative so far, working with some, we know many more companies in the world can access all the
such as Financial centres Abu Dhabi Global want to follow suit. We want to ensure that benefits provided by our attractive and
Market (ADGM) and Dubai International the world’s most promising digital business-friendly investment environment."
Financial Centre (DIFC), freezones Dubai companies can access all the benefits that The UAE is one of the region’s fastest-
South and DMCC, tech hub Dubai Internet our attractive, business-friendly growing economies. IMF predicts economic
City, banks Emirates NBD and WIO. More environment offers – but we also want to growth will accelerate to 4.2 percent in
are expected to join in subsequent phases. make it easy for them. NextGenFDI is 2022, contrasting a slowdown in Europe,
NextGenFDI aims to leverage the UAE’s designed to ensure that our market entry Asia and the US. In April this year, the UAE
unique competitive advantage and global process is as streamlined and coordinated was ranked first globally as the best
standing as a leading business, investment, as our technology ecosystem." He added, ecosystem for startups and entrepreneurs,
and innovation hub to support the growth "On one hand, this is about hyper-practical according to the Global Entrepreneurship
of the nation’s knowledge-driven economy. measures – making it painless and Monitor’s (GEM) 2022 report, as well as the
The campaign was launched by Dr. Al rewarding for companies to relocate here. region’s leading top country to attract
Zeyoudi alongside senior representatives On the other, in the wake of the pandemic foreign direct investment. As a key pillar of
from NextGenFDI. NextGenFDI is aimed at and the UAE’s actions to position itself as a its talent attraction drive, the National
seeking out businesses from all over the highly agile and resilient economy, this is a Programme for Coders is offering Golden

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