The United Arab Emirates is planning to attract technology companies based in Asia and Europe. The UAE is attracting these firms using a wide range of exciting offers, such as speeding up the approval of their business licenses and providing their employees with enticing residency offers.
UAE provides financing and residency to blockchain firms
Administrators in the UAE have already set their eyes on 300 companies. The Minister of State for Foreign Trade in the UAE, Thani Al Zeyoudi, said that around 40 companies were at an advanced stage of relocating to the country. The official has also said that the government had a timeline of two years to achieve its goals.
According to Al Zeyoudi, “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.”
The government is trying to attract tech companies through “golden visas” and a ten-year residency that allows foreigners to remain in the country without a sponsor. Al Zeyoudi also adds that the plan is to lower the country’s dependence on oil and venture toward the digital economy.
The UAE government’s lucrative offers are already attracting some digital asset service providers. These companies are looking to acquire operational approval in the country.
Some of the largest cryptocurrency exchanges expanding into the UAE market include Binance and Crypto.com. These exchanges have set up a location in the UAE to use the country as a headquarters location in the Middle East and the North Africa (MENA) region.
Friendly crypto regulations in the UAE
Digital asset companies are also moving into the UAE because of the country’s favorable stance toward digital currencies. Dubai is currently the economic hub of the UAE, and it has been leading as one of the largest digital asset hubs.
One of the friendly crypto legislations in Dubai is Law No. 4 of 2022, known as the Dubai Virtual Assets Law, which created a new entity to regulate the industry. Besides supporting a positive environment, the government of Dubai is also moving toward the metaverse, announcing that it plans to create 40,000 virtual jobs in the country.
Experts have also predicted that creating metaverse jobs could generate up to $4 billion in the gross domestic product (GDP). The UAE is also facing competition from neighboring countries in the Gulf, such as Bahrain, Jordan, and Saudi Arabia, that also want to secure a top spot in the country as they introduce policies supporting virtual currencies.
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