The UAE is fast-tracking business licences for advanced tech firms and offering long-term residency for staff in an attempt to entice them away from Asian and European hubs.

The initiative was launched in July targeting over 300 tech companies, with 40 currently in the process of relocating to the UAE, according to Minister of State for Foreign Trade, Thani Al Zeyoudi.

Authorities are looking to attract companies within sectors including robotics, blockchain and food technology and encourage them to establish global or regional headquarters in the UAE.

Although Dubai and Abu Dhabi are home to the Mideast headquarters of several global financial companies, competition is rife from global hubs as well as Saudi Arabia, Bloomberg reports.

“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,” Al Zeyoudi stated.

The program facilitates rapid business licencing for digital firms, as well as easier access to banking and financing. In addition, employees can acquire 10-year ‘golden visas’.

These visas permit foreigners to live, work and study in the UAE without the need for a sponsor in the country.

The Minister of State for Foreign Trade added that the UAE is seeking to diversify away from oil income and generate more jobs in futuristic industries. “We want to make sure we are harnessing the fourth industrial revolution - so the latest technology, whether it’s the Internet of things, blockchain, AI. We are redefining the way FDI is usually done.” 

The initiative combines free zones in Abu Dhabi, Dubai and Sharjah, the Bloomberg report adds.