The UAE plans its future as a tech hub; offers a new Golden Visa and more

Highlights of how the UAE is attracting more tech players with the new Golden Visa

• The UAE has introduced new visa options for tech entrepreneurs and workers for tech jobs in UAE, to develop the country’s technology industry.
• The UAE is trying to tackle competition from countries like Singapore and Hong Kong in the tech scene.
• The best measures include a faster-licensing facility for IT businesses and easier access to banking and finance.
• Also introduced is the new Golden Visa which permits foreign workers to live and work in the UAE without sponsorship.

The UAE realizes the importance of developing itself as a major technology hub after it decided to diversify itself from the oil industry. The country has already scored well during the time of the COVID-19 pandemic by the way it handled the situation swiftly and stabilized itself in crisis. This gives an opportunity for foreigners to grow confidence in the country to consider it as the next best option for investments.

What’s the UAE up to?

The UAE realizes the importance of developing itself as a major technology hub, after it has decided to diversify itself from the oil industry. The country has already scored well during the time of the COVID-19 pandemic by the way it handled the situation swiftly and stabilized itself in crisis. This gives opportunity for foreigners to grow confidence in the country to consider it as the next best option for investments.

The UAE is also known well for its liberal visa policies. All these positive traits have already attracted banking and hedge fund companies to set themselves up in this country.

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Now, keeping with the times, the UAE wants to attract firms in other trending industries like blockchain, robotics, and food technology. They are invited to establish regional or global headquarters in the UAE. This way, the country is aiming to turn into a major business hub, especially in the tech sector.

What steps is the UAE taking?

A major step is to fast-track licenses for digital companies to do business in the UAE. The country will also provide easier access to banking and financing.

Another significant offer is introducing a new Golden Visa to foreign workers for tech jobs in UAE. The golden visa will allow these workers to get a 10-year residency in the UAE. The best part is that they won’t require a work sponsor in the UAE to be eligible for the visa. Golden Visa holders can live, work, and study in the UAE and join the large expatriate population in the country.

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The future of the UAE

The UAE is smartly making use of all the potential and opportunities that the fourth industrial revolution is bringing with it. By redefining the process of attracting FDI, the UAE is going to take advantage of the immense scope of technologies like AI, blockchain, and the internet of things.

As of now, two US companies that are privately owned are already moving to the UAE. One of them is Change Foods, a food-tech group that’s working on the technology to produce animal-free milk among other dairy products. The other company is Gecko Robotics, which is into designing, building, and operating robots.

SoftServe, a European software development company, is transferring its coders, technical staff, executives, and consultants to the UAE. Talk about fintech companies, and you will find Capital.com and Currency.com setting up regional headquarters in the country under its latest program.

Cryptocurrency companies like Exchange Bybit and FTX are shifting their bases to the UAE from countries like Singapore. The potential for consistent growth in the industry and economy is immense for the UAE.

If you are willing to migrate abroad, talk to Y-Axis, the leading immigration and career consultant in the UAE.

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