The UAE has strengthened its position as a global hub for multinational technology companies through the “NextGen FDI” initiative, launched in July 2022. The initiative has successfully attracted over 90 leading global companies such as Coinbase, Qualcomm, Ripple, and XPENG, operating in strategic sectors including artificial intelligence, semiconductors, blockchain, smart mobility, biotechnology, renewable energy, and climate technology.
The initiative aims to attract 300 global tech companies and inject around $500 million into the national economy by offering a favorable investment environment and a wide range of incentives. These include streamlined company setup, expedited licensing, visa and Golden Residency issuance, banking and housing support, and facilitated access to government entities and the local business community.
H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, confirmed ongoing engagement with new global companies interested in joining the initiative, with Qualcomm being among the latest to sign on.
Additionally, Schneider Electric has joined the initiative as a strategic partner, aiming to attract high-potential startups in sustainability and climate tech. The company will support the initiative by offering market entry strategies, business incubation, and linking startups within its global portfolio to investment opportunities in the UAE.
Source: WAM