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ABU DHABI, 7th July, 2022 (WAM) — The name ‘NextGenFDI’ is futuristic, as the UAE has seen rapid growth in technology investment, a UAE newspaper has commented.
“Digital technology is important in the next stage of development, and the country has made no secret of its fascination and support for revolutionary ideas as it struggles to attract investment in the sector,” Khlaeej Times said in an editorial on Thursday.
The document continued: “These are exciting times for business development in the country, with the UAE seeing itself as the Silicon Valley of the Middle East. But as the industry grows and changes, entrepreneurs and dynamic investors have come up with innovations, It doesn’t stop there. Business models are changing the status quo while making the process easier and more sustainable.
“Everyone has a startup, and the UAE has its sights set on being a long-term technology destination of choice for investors.
“Under the NextGenFDI program, the country plans to attract 300 digital companies with the right mix of incentives. The licensing process, visas, financing and leasing of these companies will become easier.
“The target is to be achieved within six months to a year. The UAE already has one of the best digital infrastructures in the world, steep but doable. In the wake of the pandemic, it has been working hard to accelerate the digitalisation of all sectors. Post-yet, The pandemic economy will be challenging, but the country believes that with the right investment, talent and leadership, it has a winning formula to drive its digital success.
“For more than 10 years, the UAE has set a smart agenda and laid the foundation for a vibrant digital economy. This smart economy has gotten smarter and proved its worth during the worst of the lockdowns, when life in the country was And work is almost uninterrupted.
“Now, having established its status as a digital hub in the Middle East, the country wants a bigger slice of the global pie. “We are moving from a regional hub to a global hub and we are now competing with the big boys, in the final race. [few] Having coexisted with the region for many years, now we are striving to become a global hub that attracts businesses and foreign direct investment,” said Dr. Sani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, on Wednesday.
“According to UNCTAD’s World Investment Report 2022, foreign direct investment (FDI) in the UAE increased from US$19.8 billion in the previous year to US$20.7 billion in 2021. The country is in the process of signing bilateral freedoms with India, Indonesia and Israel Trade agreements, meanwhile, have transcended multilateralism over the past six months.
“Our report on Tuesday said 27 bilateral agreements are being planned that are closely linked to the UAE’s ambitions to become a global digital powerhouse,” the Dubai-based daily concluded.
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