Companies engaged in food, technology, and blockchain are being encouraged to establish their headquarters in the Middle East.
The United Arab Emirates (UAE) seeks to tempt high-tech companies from the continents of Asia and Europe by accelerating business licenses and providing long-term residency for employees.
“The Gulf country is targeting more than 300 digital firms under a program launched in July and about 40 companies are in the process of moving, Minister of State for Foreign Trade, Thani Al Zeyoudi,” said in an interview.
The UAE has already become an attractive destination for bankers, hedge fund managers, and commodities traders, thanks to its rapid handling of the epidemic and liberal visa policies.
Dubai and Abu Dhabi already have Middle East headquarters for several global financial companies. However, there is competition from Saudi Arabia and Global Centers that will force companies to relocate their regional headquarters there by 2024.
“The timing was very crucial because what we noticed from the beginning of the year was that many companies would like to move because of inflation, the tighter regulatory environment in many parts of the world, including Asia – especially Singapore and Hong Kong,” Al Zeyoudi said.
In the proposed provision, digital companies have the opportunity to undertake quick business licenses and have easier access to banking services and finance as compared to other countries.
Employees can be given a 10-year “golden visa” to reside in the UAE, and in many circumstances, find a house and enroll in schools through programs that incorporate government agencies, free zones, and institutions.
Golden Visa allows outsiders to work, live and study without the requirement of a sponsor in a country where foreigners make up nearly 90% of the population.
Many technical companies located within the geographical location of Europe, Asia, and America are availing of this opportunity by relocating their technical staff, coders, and consultants.
In the heat of such capabilities, two fintech firms known as Currency.com and Capital.com, are setting up regional headquarters in UAE.
