UAE cuts red tape to attract business

UAE Minister of State for Foreign Trade Thani Al Zeyoudi gestures during an interview with Reuters in Dubai, United Arab Emirates June 30, 2022. REUTERS/Abdel Hadi Ramahi

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DUBAI, July 6 (Reuters) – The United Arab Emirates is cutting red tape to make it easier and faster to set up digital businesses, the latest economic policy announcement as the government seeks to further diversify the economy away from oil revenues.

Trade Minister Thani Al Zeyoudi, accompanied by leaders of numerous state-linked entities, announced the changes on Wednesday which include better access to the financial and banking system.

“We want to show digital businesses in Europe, Asia and the Americas that the UAE is the best place in the world to live, work, invest and grow,” the minister told reporters, setting a target of 300 digital businesses to integrate in a year.

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Those moving to the United Arab Emirates, home to the financial hub of Dubai and the oil-rich city of Abu Dhabi, would be issued visas sooner and offered attractive commercial and residential leases, he said. declared.

As other governments step up national efforts to increase renewable energy sources and shift away from fossil fuels, the UAE is rolling out a series of initiatives to double the economy to $816 billion by 2030 .

“We want to show that we are here to help; from business licenses and work visas, to opening bank accounts, finding office space and finding the perfect place to live,” Al Zeyoudi said.

Some business leaders complain about the bureaucracy involved in setting up a business, including hiring international staff in a country with a minority citizenry.

Yet Dubai in the United Arab Emirates has established itself as the region’s premier business hub and is already home to many multinational corporations and international businesses.

But regional competition has intensified as Saudi Arabia moves to transform itself into a leading financial and tourism hub under de facto ruler Crown Prince Mohammed bin Salman, challenging Dubai’s dominance.

“We are moving from a regional hub to a global hub,” Al Zeyoudi said. “We’re competing with the big, big boys now.”

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Writing by Alexander Cornwell Editing by Edmund Blair, Andrew Heavens and Tomasz Janowski

Our standards: The Thomson Reuters Trust Principles.

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