UAE Tries To Attract Tech Companies With Special Visas, Financing

The United Arab Emirates (UAE) is attempting to entice advanced technology companies away from centres in Asia and Europe by speeding up business licences and providing long-term residence for employees.

According to Thani Al Zeyoudi, the minister of state for foreign trade, the Gulf country is targeting more than 300 digital firms as part of a programme that was launched in July, and about 40 companies are in the process of moving.

The UAE has already established itself as a desirable location for bankers, hedge fund managers, and commodity traders due to its quick response to the pandemic and flexible visa policies. Authorities are currently attempting to draw businesses to the Middle Eastern business hub, encouraging them to establish their worldwide or regional headquarters there.

Numerous global financial companies already have their Middle East headquarters in Dubai and Abu Dhabi. Global hubs and Saudi Arabia, which is attempting to convince businesses to relocate their regional headquarters there by 2024, are still competitors.

According to Al Zeyoudi, “The timing was very crucial because what we noticed from the beginning of the year was that many companies would like to move because of inflation, the tighter regulatory environment in many parts of the world, including Asia - especially Singapore and Hong Kong,” 

The scheme grants businesses faster business licences as well as simpler access to banking and finance. Employees may be given "golden visas" for ten years of UAE residency, and the programme, which unites organizations, freezones, and government agencies, occasionally aids with housing and school admissions.

The so-called "golden visa" enables foreigners to work, live, and study in a nation where expatriate residents make up close to 90% of the population without the need for a UAE work sponsor.