UAE enhances its attractiveness as a global FDI and talent destination
Dr Thani Al Zeyoudi during a virtual meeting with Neil McMurdo on Tuesday.
Godel Technologies, a UK-based agile software development company founded in 2002, has become the latest digitally oriented business to join the UAE’s landmark NextGenFDI initiative, the Ministry of the Economy announced. The move supports the concerted national efforts to achieve the goals of NextGenFDI, which was launched by the Ministry in partnership with seven strategic partners that are also some of the leading organizations in the UAE. As the latest member of the initiative, Godel Technologies will move its regional headquarters to the Dubai International Financial Centre (DIFC) in the UAE, with plans to create 250 job opportunities within two years.
Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, said: “The UAE continues its efforts to attract FDI, innovative minds and talent. The implementation of the NextGenFDI initiative is in line with the UAE’s vision to build a new economic model based on knowledge, innovation and sustainability.
Attracting leading global businesses such as Godel Technologies to invest and expand in the country’s markets reflects the initiative’s promising potentials, following its launch last July.” He further pointed out that the Ministry of Economy continues its cooperation with partners to achieve the goals of the initiative, and to attract leading businesses and international talent – be it from developed markets or developing economies, and that more new companies are set to join the initiative soon.
The NextGenFDI programme strives to attract some of the world’s best software developers, data scientists, computer programmers, and digital asset leaders across a broad range of technology fields, including Web 3.0, AI, games and data science.
The Ministry of Economy, along with other stakeholders of the initiative, will support Godel Technologies by facilitating optimal corporate structuring, banking readiness support with Emirates NBD, batch visa processing, and provision of accommodation for employees.
Godel is the second company to take advantage of the NextGenFDI program, which offers globally competitive market entry support to global businesses to help them foray into the UAE market. Krush Brands, a full-stack food technology company, was the first to join NextGenFDI and relocate its global HQ to the UAE under the scheme.
Neil McMurdo, CEO of Godel Technologies, said: “The opportunity to be part of the NextGenFDI programme will give Godel Technologies beneficial access to market entry fundamentals. The initiative will support our ambitious plans to grow to 250 people over the next two years and we look forward to establishing the Godel brand at the heart of one of the UAE’s leading financial hubs.”
Godel Technologies currently employs over 1,800 staff across its offices in the UK, Poland, Belarus, Bulgaria, Lithuania, Georgia, and Ukraine. It specializes in software engineering, quality assurance, automation, data engineering and analytics, agile consulting, digital transformation, AI and machine learning, mobile solutions, and more. The company serves e-commerce, finance, energy, automotive, travel, manufacturing, professional services, and retail industries.
The benefits of NextGen FDI include expedited business set-up processes, banking readiness, simpler visa procedures, and attractive commercial and residential leasing terms. In an effort to provide smoother market-entry, the initiative brings together stakeholders from across government and the private sector. Current partners include DIFC, Abu Dhabi Global Market, the Dubai Multi Commodities Centre, Dubai Internet City, Dubai South, Emirates NBD and the digital banking platform Wio.
Godel Technologies will set up operations in NextGenFDI partner DIFC, joining nearly 600 other digitally enabled businesses. DIFC has the region’s largest FinTech and innovation community in the Middle East and North Africa, and about 60 per cent of regional FinTech companies are already based there, according to the DIFC Authority. Fellow NextGenFDI partner Emirates NBD will provide Godel Technologies with banking support.
NextGenFDI targets approximately 300 digitally enabled companies and aims to attract skilled programmers, data scientists and tech-engineers within the next three years.
The initiative offers expedited services including licenses with member free-zones, golden visas for highly skilled professionals, affordable accommodation, office space, and expedited banking services.
Seven strategic partners including DIFC, ADGM, Dubai Internet City, Dubai South, DMCC, Wio and Emirates NBD have signed up under Phase 1 of the initiative with many more expected to join in Phase 2.
The NextGenFDI programme strives to attract some of the world’s best software developers, data scientists, computer programmers, and digital asset leaders across a broad range of technology fields, including Web 3.0, AI, games and data science.
