On 6th July 2022, the UAE launched "NextGenFDI," a major campaign to draw highly trained workers and digitally enabled companies to the country.
NextGenFDI will give these companies the help they need to enter the market, allowing them to start and grow their businesses within the UAE. The campaign was launched by Dr. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, in conjunction with senior officers from NextGen FDI.
This project seeks out enterprises focused on applied technology across a variety of industries from across the world and offers them the fundamentals of market entry they need to start up and grow in the UAE.
NextGen FDI takes advantage of the UAE's great competitive edge to establish itself as a worldwide innovation and investment hub.
These companies hire highly qualified developers, coders, and consultants in the fields of AI, gaming, data science, and software. Housing such talent within the UAE is crucial, and this new initiative will make the process of entry into the market for brilliant minds with innovative ideas as easy as possible.
Software developers, data scientists, and coders from more than 300 international technology firms will be encouraged to relocate to the UAE through NextGenFDI, Al Zeyoudi, who oversees the project to draw FDI and foreign talent to the nation.
The project's incentives will simplify and accelerate the process of business incorporation in the United Arab Emirates, which also includes the following:
The UAE was ranked the best country worldwide for having the finest ecosystem for start-ups and entrepreneurs, according to the Global Entrepreneurship Monitor (GEM) 2022 report, published in April 2022. The Emirate was noted as being the top destination for attracting foreign direct investment.
100,000 computer programmers will receive Golden Visas as part of the National Programme for Coders' effort to attract talent. Additionally, the UAE hopes to create 1,000 new digital businesses and raise investment in start-ups from roughly $400 million to USD 1.3 billion. It will be balanced and expedited by the NextGenFDI project.
“Large and SME businesses from across the world are approaching us and asking how they can relocate their talent, ideas and high-growth ventures to the UAE,” said Dr. Al Zeyoudi.