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UAE announces incentives to attract 300 digital companies
The incentives include a streamlined visa process, faster access to the financial and banking system and attractive commercial and residential leasing, Trade Minister Thani Al Zeyoudi told a news conference in Dubai.
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This picture taken on February 7, 2022 shows a view of Dubai's Museum of the Future which opens for public on February 22. (AFP/Karim Sahib)
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United Arab Emirates minister announced on Wednesday incentives aiming to attract 300 digital companies to set up offices in the oil-rich Gulf nation within six to 12 months.
The incentives include a streamlined visa process, faster access to the financial and banking system and attractive commercial and residential leasing, Trade Minister Thani Al Zeyoudi told a news conference in Dubai.
Regional competition to attract foreign companies and investments has intensified as Saudi Arabia enacts measures to remould itself as a financial and tourism hub under the leadership of de facto ruler Crown Prince Mohammed bin Salman, challenging the dominance of Dubai.
"We're moving from a regional hub to a global hub," Al Zeyoudi said. "We're competing with the big, big boys now; the competition in the last years was with the region, now we're moving to become a global hub."
