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UAE announces incentives to attract 300 new digital ventures in the next 12 months
As part of this initiative, accelerated banking services along with bulk visas will be provided for digital companies.
As part of the UAE’s strategy to go digital, Dr Thani bin Ahmed Al Zeyoudi, Minister for Foreign Trade, has announced incentives to bring 300 new digital businesses to the UAE in 12 months. As part of this initiative, the incorporation of new companies will be simplified, and accelerated banking services and bulk visas for employees will be provided to digital firms. Real estate incentives will also be available on commercial and residential properties for companies relocating their workforce to the UAE.
Investors setting up digital businesses will be facilitated by a network of partners, including Dubai International Financial Centre (DIFC), Dubai Multi Commodities Centre (DMCC), Dubai Internet City, and Emirates NBD, among seven organizations. They will create an ecosystem for seamless incorporation and financial services for digital-focused ventures in the UAE.
The Minister said that the idea behind removing complexities in doing business is to tell people in Europe, Asia, and the Americas, that the UAE is the best place to invest, work, live, and grow in the region.
In its quest to digitize the economy, the UAE launched a national program to train 100,000 coders and to establish 1000 new digital ventures by 2030. With 40% of the country’s population using digital services at least once a week, the digital economy accounts for more than 4% of its GDP. The country with high-speed connectivity and a strong tech infrastructure is on track for further digitization across sectors.