Page 86 - SAMENA Trends - July-August 2022

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

Visas to 100,000 computer coders. The regime and fully digital eCourts to the first DIFC Strategy 2030, the Centre is supporting
UAE also aims to establish 1,000 new crypto asset framework in the region and sustained economic growth and further
digital companies and increase investment across borders." He further added, "We differentiating Dubai as a global hub for
in startups from approximately US$400 intend for Abu Dhabi and the UAE to financial institutions, FinTech businesses
million to US$1.3 billion. The NextGenFDI become a center to raise and deploy capital and innovation companies. Ammar Al
initiative will complement and accelerate with the prudent management of risk in Malik, Managing Director of Dubai Internet
these efforts. "We are pleased to be part of support of sustainably oriented, long-term City, commented, "The MENA region is a
the NextGen FDI, a great initiative by the economic growth for the next-generation cradle of vast opportunities considering the
Ministry of Economy that seeks to attract businesses. ADGM’s partnership in this size and diversity of its markets. Our
top technology companies and talents to campaign is a step forward and resonates leadership’s progressive business policies
boost the emirate's economy. At Dubai with our commitment to work hand-in-hand as well as access to skilled talent have
South, our vision is aligned with all with the UAE’s government, regulators, and made the UAE a reliable and attractive hub
government initiatives, and we will be private sector to develop a holistic for global corporations and regional firms
extending our full support to cater to all approach, one that strengthens our alike. At Dubai Internet City, we are proud to
business needs towards achieving NextGen country’s global standing as an innovative have played a critical role in providing a
FDI's overall objectives." said Khalifa Al investment hub." For his part, Arif Amiri, competitive ecosystem for tech companies
Zaffin, Executive Chairman, Dubai Aviation CEO of DIFC, said, "DIFC has built the to thrive and collaborate over the past 20
City Corporation and Dubai South. region’s largest FinTech and innovation years and aim to continue enhancing our
Commenting on the launch of the community in the Middle East and North offerings to appeal to new and ambitious
NextGenFDI campaign, Ahmed Jasim Al Africa of close to 600 businesses, customers." Ahmad Hamza, Executive
Zaabi, Chairman of Abu Dhabi Global representing over 60 percent of all those in Director – Free Zone, DMCC, said, "As the
Market (ADGM), said, "UAE’s comprehensive the region. "This already includes 34 from world’s fastest growing free zone with over
business ecosystem and political stability Eastern Europe and South Asia, illustrating 21,000 registered companies, DMCC is
continue to position the nation as the DIFC is the perfect choice to help them thrilled to be partnering with the UAE
destination of choice for FDIs. ADGM has access the fast-growing markets of the Ministry of Economy on this strategic
been playing an anchoring role in the Middle East, Africa and South Asia region." growth initiative. By streamlining
financial landscape of the region by actively "We provide them with the region’s most incorporation processes and acerating key
pioneering progressive regulations and comprehensive innovation proposition services, NextGenFDI will make it even
innovative solutions to enable financial which includes education, participation in more easier for innovative and high-tech
intermediation and attract more liquidity incubator and accelerator programmes, companies from around the world to
and investments. We have been cost effective operating and regulatory relocate to the UAE, which continues to
frontrunners to introduce transformational licenses, access to expertise and resources, demonstrate its commercial appeal as a
initiatives from the first regulatory sandbox and funding options," he said. In line with hub for global businesses."

Morocco, Mauritania Discuss

Building Internet Cable Crossing

Southern Provinces

Morocco and Mauritania are in talks to set up an internet
cable interconnection building on the inroads of Moov
Mauritel, a subsidiary of Morocco’s Maroc Telecom.
Moroccan and Mauritanian media said the cable would
be laid inland crossing the Sahara territory, offering
Mauritania a second alternative besides the “African Coast
to Europe (ACE)” cable. The new interconnection would
boost internet speed in the vast west African country of
about 4 million people. The cable will be over 1000 km
long stretching from Morocco’s southern Saharan regions
to Mauritania while crossing the Guerguarat border post.
Mauritania sees economic benefits from Morocco’s
move to secure the Guerguarat border crossing in late
2020 from Polisario banditry. Besides steady, peaceful
and uninterrupted flow of goods, now better internet
services are insight.

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