UAE reinforces its position as hub for innovation, entrepreneurship

The Ministry of Economy has announced that DoxAI, a provider of AI solutions designed to simplify business processes and reduce operational complexities, has joined its NextGen FDI initiative.

The programme, which seeks to attract high-growth advanced technology companies to the UAE, will support DoxAI in establishing its regional headquarters in Dubai and scaling its operations to serve regional and global markets.

DoxAI applies AI and machine learning to streamline document processing, automate data extraction, and enhance identity verification, delivering real-time, actionable insights for businesses.

By reducing the need for human intervention and integrating seamlessly with existing business systems, DoxAI enables organisations to optimise their operations, reduce costs, and focus on strategic initiatives that drive growth.

Dr. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said, “We are delighted to welcome DoxAI to the NextGen FDI initiative. Their expertise in AI-driven automation will play a vital role in supporting the UAE’s digital transformation journey and further strengthening our advanced technology ecosystem.

He added that this collaboration aligns with the country’s vision to foster a knowledge-based economy and reaffirms the commitment to positioning the UAE as a global hub for innovation and entrepreneurship.

The company’s regional headquarters will initially be based in Dubai’s iconic Rolex Tower, with plans to deploy its first 15 units from Australia and India.

DoxAI also aims to expand its presence in the UAE by forming strategic partnerships with local universities, such as the University of Wollongong, and developing a talent recruitment plan for the 2025-2026 period.

Giuseppe Porcelli, Founder and Chairman of DoxAI, stated, “The UAE is a dynamic and forward-thinking market, offering unparalleled infrastructure, a business-friendly environment, and access to a vibrant technology ecosystem. Joining the NextGen FDI programme is a game-changer for DoxAI.

“The UAE’s visionary approach to AI and innovation provides the perfect environment for us to scale our technology, forge new partnerships, and contribute to the region’s digital transformation.”

The UAE’s focus on artificial intelligence aligns with its broader ambitions to enhance digital infrastructure, create smart industries, and attract cutting-edge technology companies. By fostering public-private partnerships and supporting businesses like DoxAI, the UAE is strengthening its leadership in emerging technologies that drive economic growth and diversification.

Launched in 2022, the NextGen FDI initiative is designed to attract high-growth and high-potential advanced technology companies to the UAE.

Meanwhile in October 2024 the Ministry of Economy has announced that Continuous Ventures, an Ireland-based venture capital firm and accelerator that specialises in supporting high-potential startups in the tech space, has become a strategic partner to its NextGen FDI initiative, which seeks to attract pioneering global companies to the UAE.

Continuous Ventures will support the initiative’s mission in three core ways: to use its knowledge to assess potential programme entrants, offer go-to-market strategies for recently onboarded companies, and introduce their startups to the initiative.

Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, said the partnership underscores the UAE’s commitment to becoming a global leader in innovation and entrepreneurship.

“This collaboration with Continuous Ventures will play an important role in our efforts to make the UAE the destination of choice for pioneering enterprises at every stage of their growth journey.

 As we accelerate our economic diversification efforts, our ability to nurture new ideas, new capabilities and new ventures, particularly in high-potential sectors such as med-tech, renewable energy, advanced manufacturing, agri-tech and trade tech, will support our ambition to develop an economy-based on knowledge and innovation,” he added.

Dr. Al Zeyoudi stated that the experience of Continuous Ventures will help NextGen FDI companies leverage the opportunities in the local and regional market but introduce new enterprises to its network.

Colin Meagle, Founding Partner of Continuous Ventures, said, “The UAE is an ideal base for our headquarters due to its forward-looking approach to technology and innovation. Through our partnership with NextGen FDI, we can help homegrown startups compete on a global stage, transforming local ideas into world-changing companies. This collaboration marks an exciting new chapter for us, and we’re honoured to contribute to the UAE’s journey towards becoming a world leader in tech innovation.”

WAM