The Ministry of Economy has announced that nine new global companies have joined the UAE’s NextGenFDI programme, which will add around US$500 million to the national economy as they expand in the country.
Launched by the UAE government in July 2022, the initiative aims to attract 300 digital companies focused on the application of advanced technologies in various fields.
Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said: “The move confirms the confidence of global companies in the UAE economy and reflects the progress made by the initiative, confirming its key role in strengthening the UAE’s advanced technology ecosystem, given that the 2071 A determinant of the UAE’s centenary in 2019, one of the main pillars of the country’s new economic model based on knowledge and innovation.
He added: “Since launching NextGenFDI, we have received unprecedented interest from global businesses who recognize the dynamism of our ecosystem, from quick setup options and easy governance to a high-quality workforce and supportive, compliant business network. We We welcome this exciting group of companies and look forward to supporting them in the next stage of their growth journey.”
The latest cohort includes Tickets Marche Company, Kasta, The Datafirm, Flyby, Mazarine Group, Polygon, BHAG, HPS and YuanLi Group, who will benefit from a range of incentives and benefits offered by the NextGenFDI scheme. These include support for the establishment of their new headquarters; support for a smooth and rapid transition of management and staff, in addition to securing the necessary financing; and rental and housing incentives – all of which will aid their expansion in the UAE market.
The nine new companies also reflect the broad scope and ambition of the initiative and underscore the success of the UAE’s efforts to nurture the industries of the future in a sustainable manner.
For example, the Mazarine Group, established in Paris 40 years ago, is a global independent creative and technology company that develops digital solutions for luxury brands in Europe, the US, Japan and China.
HPS is an international card and payment technology company with more than 450 customers in 90 countries. Their proprietary PowerCARD software is increasingly seen as the future of the payments industry, while their PowerCARD suite is fully integrated with all international payment networks and supports all major back office payment functions. Meanwhile, TicketsMarche, an e-commerce platform for the entertainment industry, lets users buy and sell event tickets, while also generating data through predictive analytics to enhance venue operations.
In the field of blockchain, Polygon is the world’s leading blockchain platform, which has created a multi-chain blockchain ecosystem compatible with Ethereum, using the proof-of-stake consensus mechanism to process on-chain transactions while gaining security from Ethereum . Founded in 2022, Kasta is a platform partnering with European digital banks to make cryptocurrencies an accessible, easy-to-use payment method for everyday transactions.
DATAFfirm has created a proprietary system to understand multiple databases and sources of information in the public domain to provide a holistic understanding of an environment or ecosystem, including individuals, consumption characteristics, cultural aspects, social behaviors, attitudinal triggers, etc. Their process allows researchers, businesses, analysts, students and policy makers to discern real trends, habits and patterns from a 100% GDPR compliant ‘real-virtual’ database of people.
UAE-based FlyBy, which just closed a $1 million seed round led by Silicon Valley’s FHS Capital and London’s VN2 Capital, is expanding a novel business model that unlocks a new out-of-home advertising revenue stream through a network of delivery drivers .
Beijing-based Yuanli Group is a leading education technology company with solutions aimed at creating inclusive and equitable education. The group has the world’s largest educational technology R&D team and has developed a number of artificial intelligence-based educational technologies. The group not only provides technical solutions for schools and districts to achieve digital upgrades and large-scale personalized teaching, but also equips individual customers with digital tools and resources to enjoy an intelligent learning experience.
BHAG provides solutions for Industry 4.0 by optimizing manufacturing processes and also plans to manufacture hardware in the UAE. They have about 50 strong software engineers and they intend to bring them to the UAE.
Vitalii Haleliuka, co-founder of BHAG Digital, said the NextGenFDI program was “helpful” in helping BHAG Digital establish and grow its business in the UAE. “By simplifying the company formation process and providing access to a wide range of resources and partners, this national initiative enables us to accelerate the innovation process and realize our vision of sustainable digital industrialization using Industry 4.0 technologies. We are committed to supporting the UAE’s With a sustainable vision, we believe our solutions will help create a more sustainable industry. We look forward to continuing to collaborate and innovate with the government and our partners in the UAE.”
Jean-Laurent Vilon, Mazarine’s managing director for the Middle East, China and Asia Pacific, sees the UAE as an obvious next step for its global growth. “Mazarine Group has been a leader in luxury communications across Europe, the US and Asia Pacific for the past 35 years. It was only natural that our next center of expansion would be in the Middle East and NexGenFDI was the perfect platform for us to consider Dubai. Focus on Fashion and the arts, we will offer a new 360-degree vision of luxury across digital, social, strategy, content, events and smart retail from our new Dubai office.”
Habeeb Nizamudin, CEO of TheDATAFirm, commented: “The #NextGenFDI team has been an incredible asset as we build our global headquarters in the UAE. From their warm and welcoming nature, to their proactive efforts to connect us with potential partners, And to identify government departments that could benefit from our revolutionary zero PII microcosm dataset to meet Vision 2030 goals, the team provided unparalleled support. Their guidance on a variety of issues was invaluable and made our experience truly Amazing.”
Mohamed Sirag, Chief Commercial Officer and Managing Director, Ticketsmarche, said: “The transparent and seamless registration process made our journey smooth and fast. Unparalleled infrastructure, growing economy and political stability changed our decision to start a new chapter in the UAE. It’s easy.”
Li Xin, President of Yuanli Group, said: “The NextGenFDI Initiative is an innovative attempt to explore a new model of the digital economy. It will attract and cultivate leading companies in various fields in the digital field. We are honored to join the NextGenFDI Initiative as a key member. We will dedicate our expertise to promote the digitalization of education in the UAE. This strategic cooperation between Yuanli Group and the UAE will not only strengthen global education cooperation, but also become a model for sharing scientific and technological achievements to empower education.”
Saher Khattab, Flyby’s Head of Marketing and Business Development, said: “Flyby’s smart delivery box and cloud platform add value to last-mile deliveries by turning bicycles into digital billboards. Our partnership with NextGenFDI is a key collaboration for Flyby Contacts Partnering and scaling our digital offerings in a leading digital economy is critical. We are excited to be one of the pioneers in the NextGenFDI program and committed to building the future of last mile delivery in the UAE with plans for global expansion. “
Carl Roegind, CEO of Kasta, said: “The UAE has created an environment and infrastructure that fosters innovation and offers technology companies many economic benefits. Kasta leverages the latest digital technologies to provide a fast and easy-to-use virtual asset payment platform. We look forward to Expanding our operations and services in the UAE is in line with our goal of becoming a global leader in virtual asset payments.” — trade arab news agency