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3 August, 2022

UAE Announces Incentives to Attract 300 Tech Firms

The UAE ministry of economy on Wednesday commenced a new initiative attract over 300 era and digital targeted firms to make the united states of America an international hub for technology agencies within the first year itself.

Dr Thani bin Ahmed Zeyoudi, the UAE’s Minister of the country for foreign trade said “we are shifting from nearby to worldwide hub we are now competing with ‘huge Boys’ to attract worldwide companies inside the new age technology.”

It’s very interesting to realize that the NextGenFDI has been hooked up in collaboration with 7 strategic partners along with Dubai South, Abu Dhabi Global Markets (ADGM), Dubai International Financial Centre (DIFC), Dubai Internet City, Dubai Multi-Commodities Centre (DMCC) and Emirates NBD.

The minister additionally said that UAE is aiming to be within the top 10 nations to attract foreign direct investment (FDI). Based on the recent report on Trade and development’s (UNCTAD) delivered last month, the UAE was ranked 19th place on the list of the world’s largest FDI recipient countries and first in the Arab world.

New initiative advantages

The global technology companies will be offered additional incentives to set up their presence in the UAE including a rapid licence process for the companies and visas for their employees and accelerated banking services. In addition, they will also be offered commercial and industrial leases at more economical and discounted rates, said Dr Thani.

The initiative will focus on companies that offer services in the field of software development, artificial intelligence, data science, computer programming and others.

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Source: khaleejtimes

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