The UAE is serious about entrepreneurship and creating an environment where young talent can thrive and succeed.
As is the case almost anywhere in the world, the visa process can sometimes stand in the way of young individuals seeking entry into the UAE. But, that's no longer the case for the MENA region's top 100 startups.
On Saturday, the UAE government announced that it is granting long-term visas to the World Economic Forum's (WEF) selection of "100 Arab startups shaping the Fourth Industrial Revolution." The announcement came during the World Economic Forum's event in Jordan, which took place on Saturday.
"The UAE is a global incubator for emerging innovations. Our innovation-friendly legislative structure is essential for start-up companies," said Abdulla bin Touq, secretary general of the UAE Cabinet, according to Arabian Business.
In the past decade, the UAE has put endless effort into becoming a center for development and innovation - both locally and globally.
As part of its Vision 2021, the country has been working on several fronts to achieve a more sustainable, knowledge-based economy, with a significant portion of its efforts being dedicated to creating a national environment of innovation.
The recent announcement is only adding to the country's goals.
Five-year visas; no sponsor needed
The decision "reflects our commitment to facilitate businesses, create an attractive and encouraging environment for growth, and underline the UAE's position as a global destination for talents," bin Touq added.
According to The National, the visas will be valid for five years, and "will be granted to owners or founders of companies, all of their partners and up to three executives." The visas provided require no sponsor as they will be "in the names of the individuals they are provided to."
The procedure also offers affordable licenses, allowing families of founders, owners, and executives to enter the UAE.
21 of the "Top 100 Startups" are based in the UAE
According to the WEF, 21 of the top 100 are based in the UAE. Among those on the list are Careem, MumzWorld, and Fetchr.
The remaining startups hail from several countries in the region. The total number of startups is 107. Here's a breakdown of the number of startups hailing from each country:
- Jordan (27)
- Egypt (17)
- Saudi Arabia (10)
- Lebanon (7)
- Tunisia (6)
- Bahrain (5)
- Palestine (4)
- Kuwait (2)
- Iraq (1)
- Algeria (1)
- Libya (1)
- Morocco (1)
- Oman (1)
- Qatar (1)
- Syria (1)
- Yemen (1)