80 international companies join the initiative “ next generation of foreign investments” in UAE
"Next Generation of Foreign Investments" initiative can help support the diversification of the national economy by attracting new industries and sectors to the UAE market.
Shrouq
Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade, said that the “NextGenFDI” global foreign investment initiative, launched by the UAE government in July 2022, attracted 80 multinational companies.
The UAE Minister of Foreign Trade indicated that these companies have a distinguished global reputation and fall into multiple technical sectors.
Technology sector
He added that many companies within the next generation of foreign investment initiative are currently conducting financing rounds and searching for local partnerships, which means increasing the flow of investment and supporting the growth of the technology sector.
He pointed out that the "Datafirm" company within the initiative aims to raise more than $ 200 million over the next five years to build a reputable company with expected revenues of more than $ 1 billion annually.
The company is looking forward to building comprehensive and detailed datasets for the top 50 countries outside the UAE without the need to use personally identifiable information while maintaining a high level of accuracy.
He added that Venturex, as part of the initiative, is seeking to collect $30-50 million during the first phase of its financing process next year, and $70-150 million during the second phase of the company's funding stages the following year.
300 job opportunities
The company plans to provide 300 job opportunities in the UAE this year and 500-700 jobs over the next five years and looks forward to becoming the first electronic unicorn company in the UAE.
Targeting an investment of $10m this year and $25m over the next five years, “FlyBay” seeks to employ around 50-100 employees in the UAE.
Al-Zeyoudi said that the Next Generation of Global Foreign Investments initiative has received more than 400 participation requests from companies that have expressed their desire to join the initiative during the past nine months. After examining these applications, most of them were approved and the companies were merged into the initiative, as it facilitated the process of establishing companies and providing the required strategic and banking support.
Foreign Investments
Thani Al-Zeyoudi said that the main objective of the Next Generation of Foreign Investments initiative is to encourage the growth of technology companies that use digital tools in various fields such as financial technology, agricultural technology, transportation technology, encrypted currencies, health technology, education technology, software development, data analysis, and food technology.
He explained that attracting these companies to the UAE economy will benefit the economy in various aspects, which can be summarized in pumping a lot of investments into the country and attracting more capital, which will contribute to financing new projects and stimulating economic growth.
"Next Generation of Foreign Investments"
He added that the "Next Generation of Foreign Investments" initiative can help support the diversification of the national economy by attracting new industries and sectors to the UAE market, which contributes to reducing the economy's dependence on one particular industry or sector and makes it more flexible and able to face economic shocks and crises.
