Launches NextGenFDI initiative to attract digital companies

On 6 July 2022, the Ministry of Economy launched the NextGenFDI initiative to attract digitally enabled companies and draw more foreign direct investment. It is the first integrated package to facilitate company formation and offer banking, visa and real estate services in a streamlined manner through a whole-of-government approach. The incentive package includes rapid and flexible incorporation processes, fast-track licensing, bulk visa issuances, banking facilitation and commercial and residential lease incentives. It will focus on companies led by software developers, data scientists, computer programmers, and digital asset entrepreneurs. The first phase of the NextGenFDI initiative aims to attract 300 digital companies within six months to a year.

• Type:

  • Promotion and facilitation (Investment facilitation , Investment incentives)

• Industry:

  • Services (Computer programming, consultancy and related activities, Scientific research and development, Other professional, scientific and technical activities)

• Sources:

  • Ministry of Economy, What is “NEXTGEN FDI”?, https://www.moec.gov.ae/en/nextgenfdi, 06 Jul 2022
  • thedubaiadvantage, NextGenFDI to attract top digital firms, https://thedubaiadvantage.ae/2022/08/05/nextgenfdi-to-attract-top-digital-firms/, 05 Aug 2022
  • gulfnews, UAE launches 'NextGen FDI' to attract world's digital businesses and talent and set up here, https://gulfnews.com/business/markets/watch-uae-launches-nextgen-fdi-to-attract-worlds-digital-businesses-and-talent-and-set-up-here-1.1657092402800, 06 Jul 2022