Dubai’s ruler, Vice President, and Prime Minister, H.H Sheikh Mohammed bin Rashid Al Maktoum announced his decission of investing AED1 billion in the Dubai Future District. This decission is taken at the second Dubai Council session held recently. It is because of the latest endeavor that the UAE government is seeking to boost entrepreneurship and support the New Economy Companies.
Right behind the Museum of the Future, this new district is prominently located connecting Dubai’s three most important places: DIFC, Emirates Towers, and the Dubai World Trade Center.
H.H Sheikh Mohammed mentioned to the media that the country is optimistic about the growth of these startups with potential economic growth. As additional support, the UAE government decided to invest this extra fund. He further stated that the new district is aspiring to be the most significant future economy-focused district in the entire Middle East.
The UAE government also created a committee with a vision to boost the non-oil foreign trade. According to the latest report, the set target is to reach a business turnover of AED2 trillion by 2025.
To support this, the UAE government already decided to take ten progressive initiatives. It is to ensure a business-friendly environment in the country for all new startups entrepreneurs. Furthermore, the country is also planning to establish a special five-year residency visa for future economy entrepreneurs. They’ll also get housing in reduced prices, as the report says.