UAE announces incentives to attract 300 digital companies

Regional competition to attract foreign companies and investments has intensified as Saudi Arabia enacts measures to remould itself as a financial and tourism hub under the leadership of de facto ruler Crown Prince Mohammed bin Salman, challenging the dominance of Dubai. "We're moving from a regional hub to a global hub," Al Zeyoudi said.

A United Arab Emirates minister announced on Wednesday incentives aiming to attract 300 digital companies to set up offices in the oil-rich Gulf nation within six to 12 months.

The incentives include a streamlined visa process, faster access to the financial and banking system, and attractive commercial and residential leasing, Trade Minister Thani Al Zeyoudi told a news conference in Dubai. Regional competition to attract foreign companies and investments has intensified as Saudi Arabia enacts measures to remold itself as a financial and tourism hub under the leadership of de facto ruler Crown Prince Mohammed bin Salman, challenging the dominance of Dubai.

"We're moving from a regional hub to a global hub," Al Zeyoudi said. "We're competing with the big, big boys now; the competition in the last years was with the region, now we're moving to become a global hub."