UAE Starts Offering Long-Term Residency to Attract Tech Companies

The UAE is introducing yet another initiative to lure high tech companies to the country, away from hubs in Asia and Europe by fast-tracking business licenses and offering long-term residency for employees.

Under the programme launched in July, the UAE is targeting more than 300 digital firms, of which 40 are now in the process of moving, Minister of State for Foreign Trade, Thani Al Zeyoudi, told Bloomberg. He said:

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.

After becoming the new hub for crypto currencies, the Emirati authorities now want to attract firms in sectors including food technology, robotics and blockchain, and encourage them to set up global or regional headquarters in the country. In this area, the UAE is rivaled by Saudi Arabia, which is trying to get firms to move their regional headquarters there by 2024.

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Under the scheme, digital companies get faster business licensing and easier access to banking and financing. Employees can be offered 10-year UAE residency golden visas and in some cases the programme even helps find accommodation and admissions to schools.

The programme includes freezones in Abu Dhabi, Dubai and Sharjah. Lenders connecting with businesses under the scheme include Emirates NBD, Sharjah Investment Bank, and Wio - a digital bank backed by Abu Dhabi wealth fund ADQ.