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, Al Zeyoudi told the news conference today.

The UAE has been attempting to position itself as a hub for fintech and other digital companies, with crypto companies Binance, Kraken setting up regional offices in Abu Dhabi and Dubai this year.

(Writing by Imogen Lillywhite; editing by Seban Scaria)