Watch: UAE Launches ‘NextGen FDI’ to Attract Global Businesses and Digital Talents to Settle Here

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Dubai: The UAE Ministry of Economy has launched a project to bring over 300 digital-focused companies to set up shop here within six to 12 months. The “NextGen FDI” initiative will provide these companies with the necessary market entry support to launch and grow from the UAE. The ministry plans to roll out additional features in the coming months.

Companies wishing to establish themselves here will benefit from a faster incorporation process, thanks to mass visa issuance, expedited banking services and commercial and residential real estate incentives for companies relocating staff to the UAE. The program will focus on next-generation companies specializing in software development, data scientists, computer programming, and digital asset entrepreneurs. “We want to show digital businesses in Europe, Asia and the Americas that the UAE is the best place in the world to live, work or invest,” said Dr Thani bin Ahmed Al Zeyoudi, Minister of State to foreign trade.

Video: Clint Egbert | Editing: Anas Thacharpadikkal | Reporting: Nivetha Dayanand

“We promise to offer lofty yet practical measures making business relocation painless and rewarding here in the UAE. We want to show that we are here to help from business license, work visas, opening bank accounts, finding a place to set up offices.

“Today it’s licensing, banking and visas, tomorrow we’ll be rolling out additional features on the initiative as they come to hardware.”

Strategic partnerships

The NextGenFDI will have partnerships with seven local entities – ADGM, DIFC, Dubai Internet City, Dubai South, DMCC, EmiratesNBD and Wio. The department has signed seven memoranda, one with each of our strategic partners to speed up the incorporation process and be as flexible as possible.

“It will remove the complexity associated with setting up new businesses,” said Juma Al Hamli, chief of staff of Abu Dhabi Global Market (ADGM). “We have not only removed the complexity and costs associated with setting up new businesses, but we have also built a strong ecosystem that will help this organization that moved to the UAE grow.

About 60 percent of regional businesses are based here in the center. However, with this initiative, we will work with like-minded institutions and individuals to further multiply the impact of FDI in Dubai and therefore in the region in the United Arab Emirates.

– Arif Amiri, CEO of DIFC Authority

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