The Ministry of Economy has announced that ZENDATA, a global leader in cybersecurity, is the latest company to join its NextGenFDI program, which provides a suite of market-entry fundamentals to enable cutting-edge companies from around the world to establish or expand their operations in the UAE and, in doing so, support the development of the country’s knowledge-based economy. ZENDATA, which is actively recruiting as it expands within the UAE and across the GCC, has already set up its regional HQ in the UAE.
Based in Switzerland, ZENDATA is a recognized cybersecurity leader whose range of managed services and products protects people, corporations, organisations governments from the ever-evolving threat of cyberattacks. ZENDATA is one of the official cyber experts of the Swiss federal government as well as managing the cyber security of some of the world’s biggest companies. The firm is already a key partner in developing the UAE’s cyber defence, threat intelligence and threat resilience capabilities, and will now use the NextGenFDI program to deepen its presence in the UAE by establishing a regional headquarters in Abu Dhabi and expanding into the wider MENASA region.
HE Dr Thani Al Zeyoudi stated, “ZENDATA is a recognized global leader in the field of cybersecurity, arguably the most important security challenge that our highly digitized societies now face. By joining the NextGen FDI program, ZENDATA will be able to benefit from the UAE’s welcoming business ecosystem and facilitate their expansion across the GCC, while also helping us to enhance our ability to develop and deploy the latest cutting-edge technologies to protect our critical infrastructure, our organizations and our people.”
According to recent studies, the cost of cybercrime – such as damage and destruction of data, stolen money, identity theft, fraud and potential for severe reputational harm for businesses handling customer details – is predicted to grow to US$10.5 trillion by 2025. An IBM report demonstrated how a data breach caused by a cyberattack can be financially devastating to a business, with an average total cost reaching US$4.35 million. The Middle East is ranked second behind the USA for having the highest average cost-per-data breach at over US$8 million.
Steven Meyer, CEO of ZENDATA, said, “The UAE’s focus on developing innovation-driven deep tech ecosystems is backed up with innate institutional understanding, enabling policies and insightful leadership. As a company focused on delivering bleeding-edge technology solutions that help the world’s governments and leading companies manage cyber-security scenarios, we are delighted to join a program that reflects the UAE’s commitment to supporting some of the world’s most exciting and exceptional digitally-enabled businesses.”
The Minister of Economy’s NextGen FDI initiative has been credited with expanding the UAE’s advanced technology ecosystem by providing companies seeking to relocate to the UAE with numerous incentives including fast-tracked and simplified licensing, set-up and visa processes, accelerated access to banking services and attractive rates for commercial and residential leases. The initiative has been designed to enhance economic diversification and stimulate the growth of a knowledge-based, innovation-driven economy in line with the UAE’s national objectives.
