The UAE’s minister for Foreign Trade has announced plans to attract hundreds of digital companies to set up offices in the country within the next year.
A series of incentives will be introduced to attract 300 businesses within six to 12 months, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said in a press conference in Dubai.
The incentives include a streamlined visa process, faster access to the financial and banking system and attractive commercial and residential leasing, said Al Zeyoudi, according to reports.
The UAE has been attempting to position itself as a hub for fintech and other digital companies, with crypto companies Binance, and Kraken setting up regional offices in Abu Dhabi and Dubai this year.
Scope of Digital Transformation
The Middle East & Africa digital transformation market is estimated to gain a huge revenue by growing at a notable CAGR over the forecast period, i.e., 2021 – 2029.
The growth of the market can be attributed to the growing penetration of internet and social media usage, increasing investments in smart city initiatives by the government and rising digitalisation of organisational businesses to improve operational efficiency, according to a Research Nester report.
The report further added that according to the World Bank, 99.2 per cent of the total population in the United Arab Emirates (UAE) accessed the internet in 2019.
Along with these, the escalating use of real-time analytics in marketing, sales and commerce sectors are also expected to drive market growth in the future.
Furthermore, growth in the application scope of advanced technologies such as cloud, mobility, IoT and big data are assessed to offer lucrative opportunities to the market during the forecast period.
A report by Maximize Market research pointed out that the Middle-East Digital Transformation Market size is expected to grow at 15.8 per cent throughout the forecast period, reaching nearly US$ 187.12 Bn. by 2026.
The Middle-East digital transformation market is segmented into component, deployment type, enterprise size, vertical and geography.
In terms of components, the Middle-East digital transformation market is classified into solutions and services. Based on the deployment type, the Middle-East digital transformation market is categorised into on-premises and cloud.