The UAE is offering incentives to attract hundreds of digital companies to set up in the country as part of a programme to draw more foreign direct investment and position itself as a global tech centre.
Under the first phase of the NextGenFDI initiative, the Emirates aims to attract 300 digital companies within six months to a year, Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said at the launch of the programme on Wednesday.
Incentives for digital companies include a faster business set-up process, better access to finance, easier visa procedures and attractive commercial and residential leasing terms.
“We are moving from a regional hub to a global hub, we are competing with the big boys now. The competition in the last [few] years was with the region, now we are moving to become a global hub and attract companies and FDI,” Dr Al Zeyoudi said.
The UAE was ranked first in the Arab world and 19th globally in terms of FDI inflows, according to the World Investment Report 2022 issued by the UN Conference on Trade and Development (Unctad) in June.
The country attracted $20.7 billion worth of FDI last year, up 4 per cent from 2020.
The UAE was ranked 17th globally in terms of FDI outflows that totalled $22.5bn in 2021, a 19 per cent increase on the previous year, the Unctad report said.
“We want to be one of the top 10 countries globally to attract FDI, so that overall KPI has been already set and all these initiatives are contributing to [its] achievement,” Dr Al Zeyoudi said.
The new initiative will focus on companies led by software developers, data scientists, computer programmers and digital asset entrepreneurs, he said.
“We want to show digitally-enabled companies from Europe, Asia and the Americas that the UAE is the world's best place to live, work, invest and scale [up],” Dr Al Zeyoudi said.
“We want to show that we are here to help, [with everything] from commercial licences and work visas, to opening bank accounts, finding office space and [being] the perfect place to live.”
The UAE, the Middle East's business and finance centre, is already home to several major multinational companies.
It is seeking to attract technology entrepreneurs and start-ups from across the world as part of efforts to develop its future economy.
As part of its latest initiative, the Ministry of Economy signed partnerships with seven entities in Dubai and Abu Dhabi to convince digital companies to establish offices or headquarters in the UAE.
They are the Abu Dhabi Global Market, the Dubai International Financial Centre, the Dubai Multi Commodities Centre, Dubai Internet City, Dubai South, Emirates NBD and digital banking platform Wio.
Under the partnership, the seven organisations have committed to expedite the incorporation process for digital companies and ease their access to banking and financing systems, Dr Al Zeyoudi said.
“This will remove the complexity associated with establishing new businesses,” ADGM chief of staff Juma Al Hameli said at the event on Wednesday.
“The UAE and Abu Dhabi have already removed the cost and complexity of doing business, and built strong ecosystems to attract companies.”
About 60 per cent of regional FinTech companies are already based in the DIFC, said Arif Amiri, chief executive of the DIFC Authority.
“However, with this initiative, we will be working together with like-minded institutions and individuals to further multiply the impact of FDI in Dubai and therefore … into the UAE,” he said.
The UAE, the Arab world’s second-largest economy, has undertaken several economic, legal and social reforms in recent years to strengthen its business environment, boost FDI, attract skilled workers and provide incentives to companies to set up or expand their operations in the country.
Some of the reforms include the expansion of longer-term residency visas to broader categories of residents, wide-ranging changes to personal and labour laws, measures to allow full ownership of onshore companies by foreigners and the decision to change the UAE’s working week from Monday to Friday to align with other major economies.
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
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AT4 Ultimate, as tested
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Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
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RESULT
Argentina 0 Croatia 3
Croatia: Rebic (53'), Modric (80'), Rakitic (90' 1)
