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The United Arab Emirates (UAE) is going all out lure Tech companies from Asia and Europe are offering a range of exciting deals. Some of the tools in the Gulf state’s arsenal include fast business permits and attractive residency options for employees.
A total of 300 companies are currently on the radar of Emirati executives, with Thani Al Zeyoudi, Minister of State for Foreign Trade, noting that nearly 40 are at an advanced stage of possible relocation. Al Zeyoudi told reporters that the government is currently considering a 24-month timetable, choosing 2024 as the tentative date for achieving its target.
“Timing is critical as we have noticed from the beginning of the year that many companies are looking to relocate due to inflation and the tightening regulatory environment in many parts of the world including Asia, especially Singapore and Hong Kong,” he said.
The government will try to lure tech companies with a “golden visa”, a 10-year residency that has the added benefit of allowing expats to live in the country without the need for a sponsor. Al Zeyoudi said the plan is to gradually reduce dependence on oil and fully dive into the digital economy after the tourism industry has made significant gains.
“We want to make sure that we are taking advantage of the fourth industrial revolution, the latest technology, whether it’s the Internet of Things, blockchain, artificial intelligence,” Al Zeyoudi said.
digital asset service provider Already taking advantage of the government’s positive stance to gain approval to operate in the UAE. Binance and Crypto.com are some of the companies that have a base in the country, while others have the UAE as their headquarters in the Middle East and North Africa (MENA) region.
Drivers of the influx of digital asset firms in the UAE
Digital asset firms are attracted by the UAE’s favorable stance on virtual currencies. Dubai is the economic active line in the UAE following the implementation of Law No. 4 of 2022 (Dubai Virtual Assets Law), which established a new body to control the industry.
In addition to creating an enabling environment, the Dubai government has also made a strong foray into metaverse announced that its strategy will provide 40,000 virtual jobs. Experts predict that jobs created by the virtual world could contribute as much as $4 billion to the city’s gross domestic product.
However, the UAE faces competition from its Gulf neighbors such as Jordan, Bahrainand Saudi Arabia They are at the top of the industry as they announce policies in favor of virtual currencies.
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