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The UAE’s Ministry of Economy has launched the ‘NextGen FDI’ initiative to bring more than 300 digital-focussed businesses to the country within six to 12 months, Gulf News reported. 

The project will enable these companies to launch and scale up their businesses from within the UAE by providing them with the necessary market entry support, it added. 

As part of the program, companies looking to establish a presence in the UAE will receive faster incorporation processes, bulk visa issuance, and accelerated banking services, as well as commercial and residential real estate incentives for relocating employees.

Software development, data science, computer programming, and digital asset entrepreneurs will be the focus of the program, it added. 

Hotel profitability in Dubai is seven times higher than in 2019

Dubai’s gross operating profit per available room, termed as GOPPAR, came in seven times higher than the 2019 comparable, according to global hospitality research firm STR.

Its P&L data for May 2022 revealed that Dubai’s GOPPAR reached 423.77 dirhams ($115.37) with the help of strong international arrivals and an earlier Ramadan. 

The level was 776 percent higher than pre-pandemic levels. In Ramadan, the market was at 79 percent of the 2019 level, the report stated. 

AD Ports signs JV and MoU with Uzbekistan’s SEG 

Abu Dhabi Ports has formed a joint venture with Uzbekistan’s SEG to open logistics and freight facilities.

A memorandum of understanding was also signed to develop a food trading hub in Uzbekistan, according to MEED.

The joint venture will provide logistics and freight forwarding services, including road, rail, and air transportation, warehousing, contract logistics, and customs clearance.

SEG-Marakand Logair will develop an integrated food storage and distribution hub near Samarkand International airport through the memorandum. In Uzbekistan, AD Ports will open its first overseas office.

The project aims to improve food security in Central Asia by enhancing Uzbekistan’s food trade. The memorandum will cover food storage, transportation, and security, MEED concluded.