The Ministry of Economy has announced the addition of Sharjah, Ras Al Khaimah, Citizens School and G42 Cloud its NextGenFDI program to attract digitally enabled companies to the UAE.
Launched in July, the program aims to target businesses from all over the world with a package of market entry fundamentals required to launch and scale from within the UAE, including rapid and flexible incorporation processes, fast-track licensing, bulk visa issuances, banking facilitation and commercial and residential lease incentives. The program has been devised to accelerate the UAE’s economic diversification agenda and elevating its status as a knowledge- and innovation-based economy.
Dr. Thani bin Ahmed Al Zeyoudi, the UAE’s Minister of State for Foreign Trade, oversees the country’s FDI and global talent agenda and believes the latest NextGenFDI partners will further assist the Ministry’s efforts to attract global technology firms, software developers, data scientists and coders to the UAE.
“The UAE’s advantageous business climate, supported by global connectivity and a highly skilled, multinational workforce, has long attracted companies, investors, industrialists and entrepreneurs from around the world. The NextGenFDI program, a key part of the UAE’s strategy to become a global hub for the industries of the future, now offers specialized support services to facilitate seamless, near-instant market entry for the most innovative, exciting digitally enabled companies and their people.
“The addition of key stakeholders adds to the compelling proposition, facilitating market entry, financial support and access to commercial and residential real estate to enable some of the most innovative, exciting digitally enabled companies and their people to seamlessly commence operations in a thriving part of the UAE. The program has already facilitated the relocation of several high-profile businesses and we are confident the latest stakeholders will accelerate this progress – and contribute to the dynamism of the country’s digital ecosystem.”
Sharjah FDI Office (Invest in Sharjah), Sharjah Research Technology and Innovation Park (SRTI Park), Sharjah Media City (Shams), Sharjah Islamic Bank and real estate company ARADA have come together to showcase the investment, banking, set-up and real-estate support available in the emirate of Sharjah. They are joined by Ras Al Khaimah Economic Zone (RAKEZ), offering an additional free-zone option in the Northern Emirates, and G42 Cloud, which will provide flexible, scalable cloud solutions to ensure tech and digital companies are able to instantly establish operations. The recently opened Citizens School in Dubai will offer a next generational education for the families of companies coming into the UAE via the NextGenFDI program.
The newest stakeholders join the program’s first phase partners Abu Dhabi Global Market (ADGM), Dubai International Financial Centre (DIFC), Dubai South, Dubai Multiple Commodities Center (DMCC), Dubai Internet City, Emirates NBD and WIO Bank, who are already facilitating the entry of global tech companies from all over the world.