Posted on October 21 2022
Abstract: The UAE launched a new program to attract technology companies with amended visa policies.
The United Arab Emirates is hoping to attract technology companies to set up their establishments in the country. It is offering a speedy process for business licenses and long-term stays for employees.
The country is hoping to attract over 300 digital firms through a recent program. It was launched in July, and it is expected that around 40 organizations would be moving to the country.
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With the Golden Visa of the UAE, applicants can avail of quick processing of business licenses and convenient access to financing and banking. The residency is valid for 10 years under the "golden visa". In certain cases, the program helps in finding accommodation and enrollment in schools.
The "golden visa" facilitates international professionals to study, work, and live in the country without having a work sponsor based in UAE. The country has around 90% immigrants in its population.
The UAE's visa policies and handling of the pandemic have made it an attractive destination for bankers, fund managers, and commodity traders. Authorities want to attract companies in sectors of food technology, robotics, and blockchain. It hopes to encourage the companies to establish regional or even global headquarters in the Middle Eastern country.
The UAE wants to diversify its oil-based economy. It aims to generate high-skilled jobs for industries in the future.
The program combines free zones in Dubai, Abu Dhabi, and Sharjah. Lenders collaborate with businesses through a scheme. It includes Sharjah Investment Bank, Emirates NBD, and Wio.
Inflation and strict regulations in other countries might act as motivation for the companies to set up their firm in the UAE. Abu Dhabi and Dubai is the host in the Mideast region for diverse international financial firms.
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