UAE is trying to lure advanced technology companies away from hubs in Asia and Europe by fast-tracking business licenses and offering long-term residency for employees, Bloomberg reported.
The nation is reportedly targeting over “300 digital firms under a program launched in July,” Bloomberg said, adding that about 40 companies are in the process of moving, according to UAE Minister of State for Foreign Trade, Thani Al Zeyoudi.
With the country’s proactive handling of the pandemic, followed by updated visa policies, UAE has now positioned itself as an attractive destination for bankers, traders and investors.
“The timing was very crucial because what we noticed from the beginning of the year was that many companies would like to move because of inflation, the tighter regulatory environment in many parts of the world, including Asia – especially Singapore and Hong Kong,” Al Zeyoudi said.
“Authorities now want to attract firms in sectors including food technology, robotics and blockchain, and encourage them to set up global or regional headquarters in the Middle Eastern business hub,” Bloomberg said.
Under the scheme, digital companies will be able to obtain faster business licensing and easier access to banking and financing.
Employees can be offered golden visas, which provides them a 10-year residency and other benefits.
The program, which unifies government bodies, free zones and institutions, also helps find accommodation and admissions to schools.
Additionally, the golden visa allows expats to work, live and study without needing a UAE work sponsor in a country where expatriate residents make up nearly 90 percent of the population.
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