UAE In-Focus – UAE launches ‘NextGen FDI’; Dubai’s hotel profitability soars; AD Ports signs JV with Uzbekistan’s SEG 

UAE In-Focus – UAE launches ‘NextGen FDI’; Dubai’s hotel profitability soars; AD Ports signs JV with Uzbekistan’s SEG 

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. 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. Abu Dhabi Ports has formed a joint venture with Uzbekistan’s SEG