UAE’s ‘NextGen FDI’ is all set to welcome new global businesses and talent

NextGen FDI

A brand new business venture powered by the UAE Ministry of Economy will soon gather more than 300 digitally inclined firms in the emirates by 2023. The initiative will provide these e-commerce brands with adequate market entry support resources to launch and grow in the middle east region through Dubai. In the coming months, plans are underway to reveal additional business setup features and benefits for investors.

From faster business incorporation to bulk visa assurance that helps you manage staffing needs and even offer incentives on residential and commercial real estate for employees, all of this with the objective of keeping the UAE at the forefront of global business. The emirates will host a wide variety of white-collar workers, especially those in software development, data science, programming, and managing digital assets.

“We want to position our offer to digitally-enabled companies from Europe, Asia, and the United States that UAE is the world’s best place to live, work, or invest,” said Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.

NextGenFDI is designed to ensure that our market entry processes efficiently align with the rapidly changing technology ecosystem

MNCs and top SME businesses are approaching the Ministry to ask how they can relocate their talent, ideas, and high-growth ventures to the UAE. Dr. Al Zeyoudi further said, “The global interest of this year is unprecedented, and while we are already working with some, we are aware that others will be happy to collaborate given that their incentives are well taken care of. We not only want to ensure that the most promising digital enterprises can access all the benefits that our attractive, business-friendly environment provides – but we also want to make it easy for them. NextGenFDI is designed to ensure that our market entry processes efficiently align with the rapidly changing technology ecosystem.”

Another key highlight of the NextGenFDI initiative is its close collaborations with seven local entities, including – ADGM, DIFC, Dubai Internet City, Dubai South, DMCC, EmiratesNBD, and Wio. In addition, the Ministry has signed seven memoranda, one with each of NextGen’s strategic partners to accelerate the incorporation process and be as adaptable, lucrative, and client-friendly as possible.

“This will transform an enterprise’s perception of complexity with establishing new businesses,” said Juma Al Hamli, Chief of Staff at Abu Dhabi Global Market (ADGM). He further added, “We have not only removed complexity and cost associated with establishing new businesses but also built a strong ecosystem that will help an organization for the objective of their market expansion and growth.”