The UAEis cutting red tape and making it easier and faster for digital companies to register as the government seeks to further diversify the economy away from oil revenues.
Today, Trade Minister Sani Al Zeyoudi, accompanied by many executives of state-owned enterprises, announced a number of reforms, including better access to the financial and banking system.
"We want to show digital businesses from Europe, Asia and the Americas that theUAEis the best place in the world to live, work, invest and scale," the minister told reporters, set to register 300 digital businesses within a year corporate goals.
Thosesetting up companies in theUAE , home to financial hub Dubai and oil-rich Abu Dhabi, will get visas faster and secure attractive commercial and residential leases, he said.
As other governments ramp up efforts to add renewable energy and wean themselves off fossil fuels, the UAE has rolled out a series of plans to double its 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 the perfect place to live," Al Zeyudi said.
Some company executives have complained about the bureaucracy of starting businesses in a country where citizens are ethnic minorities, including hiring international staff.
Nonetheless, Dubai in the UAE has established itself as the region's premier business hub and is already home to the headquarters of many multinational and international businesses.
But regional competition has intensified as Saudi Arabia takes steps to reinvent itself as a leading financial and tourism hub under the leadership of 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 are now competing with big companies."
