NextGenFDI programme adds more entities to lure global firms

The Ministry of Economy has announced the addition of more stakeholders to its NextGenFDI programme, the landmark initiative designed to attract digitally enabled companies to the UAE.

Sharjah, Ras Al Khaimah, Citizens School and G42 Cloud have joined the Ministry of Economy’s NextGenFDI programme to attract global digitally enabled companies.

Launched in July, the programme 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 programme 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 specialised 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 programme 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.”

The latest group of stakeholders will expand the geographical reach, technological scope and customized support offered by the NextGenFDI program, providing an even more compelling suite of services available to companies seeking to set up and operate in the United Arab Emirates.

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 programme.

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.

Mohamed Al Musharrakh, CEO of Sharjah FDI office (Invest in Sharjah) said, “Invest in Sharjah is delighted to partner with the UAE Ministry of Economy for the NextGenFDI Scheme. The UAE’s FDI inflows grew by four percent last year, and an ambitious initiative like NextGenFDI explains why the UNCTAD World Investment Report 2022 confirms the UAE as the nation with the highest potential for growth in the region. We are excited to play an active and meaningful role in bringing the national goal of becoming the world’s foremost knowledge-driven economy to fruition, as we continue to enhance our FDI competencies and global appeal as an incubator of innovation and future technologies.”

Hussein Al Mahmoudi, CEO of the SRTI Park, said: “This is a very significant initiative that will give a huge boost to the UAE’s ambitious plans to be a leading knowledge-driven economy. The Sharjah Research, Technology and Innovation Park is pleased to be part of this strategy as we are aligned with the UAE’s philosophy of bringing in the world’s best innovators to develop unique projects. By offering packages of incentives in a dynamic ecosystem, we have positioned ourselves as a global gateway for investors working in the technology and innovation sector, in particular fields such as transportation, construction, 3D printing, agriculture, energy and other technologies.”