Arada signs up for Ministry of Economy’s NextGenFDI Program to attract tech companies to the UAE

Arada signs up for Ministry of Economy’s NextGenFDI Program to attract tech companies to the UAE

News: 21 September 2022

Arada has joined a series of Sharjah’s biggest organisations in partnering with the UAE Ministry of Economy’s NextGenFDI Program, the landmark initiative designed to attract digitally enabled companies to the UAE.

Launched in July, the program aims to target businesses from all over the world with a package of market entry fundamentals required to launch and scale from within the UAE, including rapid and flexible incorporation processes, fast-track licensing, bulk visa issuances, banking facilitation and commercial and residential lease incentives. The program has been devised to accelerate the UAE’s economic diversification agenda and elevating its status as a knowledge- and innovation-based economy.

Dr. Thani bin Ahmed Al Zeyoudi, the UAE’s Minister of State for Foreign Trade, oversees the country’s FDI and global talent agenda and believes the latest NextGenFDI partners will further assist the Ministry’s efforts to attract global technology firms, software developers, data scientists and coders to the UAE.

“The UAE’s advantageous business climate, supported by global connectivity and a highly skilled, multinational workforce, has long attracted companies, investors, industrialists and entrepreneurs from around the world. The NextGenFDI Program, a key part of the UAE’s strategy to become a global hub for the industries of the future, now offers specialized support services to facilitate seamless, near-instant market entry for the most innovative, exciting digitally enabled companies and their people.

“The addition of key stakeholders adds to the compelling proposition, facilitating market entry, financial support and access to commercial and residential real estate to enable some of the most innovative, exciting digitally enabled companies and their people to seamlessly commence operations in a thriving part of the UAE. The program has already facilitated the relocation of several high-profile businesses and we are confident the latest stakeholders will accelerate this progress – and contribute to the dynamism of the country’s digital ecosystem.”

The latest group of stakeholders will expand the geographical reach, technological scope and customized support offered by the NextGenFDI program, providing an even more compelling suite of services available to companies seeking to set up and operate in the United Arab Emirates.

Alongside Arada, Sharjah FDI Office (Invest in Sharjah), Sharjah Research Technology and Innovation Park (SRTI Park), Sharjah Media City (Shams), Sharjah Islamic Bank have all come together to showcase the investment, banking, set-up and real-estate support available in the emirate of Sharjah.

The newest stakeholders join the program’s first phase partners Abu Dhabi Global Market (ADGM), Dubai International Financial Centre (DIFC), Dubai South, Dubai Multiple Commodities Center (DMCC), Dubai Internet City, Emirates NBD and WIO Bank, who are already facilitating the entry of global tech companies from all over the world.

Ahmed Alkhoshaibi, Group CEO of Arada, said: “As the largest developer of mixed-use communities in Sharjah, we are delighted to take part in an initiative that will bring much-needed skills, knowhow and experience to Sharjah and the UAE. We look forward to working with the Ministry of Economy and our other partners to bring the brightest and best tech companies and individuals from around the world to this country, and are committed to creating an attractive, competitive and welcoming ecosystem that facilitates all their requirements.”

The Ministry of Economy launched NextGenFDI in July 2022, to encourage digitally empowered companies set up operations in the UAE. Within just a few weeks of launch, UK tech company Gödel, food app development company Krush, Gecko Robotics and several others committed to the program.