Zencargo, a British company focusing on digital freight forwarding, plans to use the UAE as a platform to expand its operations into the MENA region as well as South Asia.
The UAE Ministry of Economy elaborated that Zencargo will establish operations in the country with the objective of integrating into the UAE’s technology, trade, and logistics ecosystem, according to a press release.
The economy ministry highlighted that the British entity is the latest company to join its NextGenFDI programme, which was launched in 2022 to support the growth of the UAE’s knowledge-based economy by enabling rapid incorporation and licensing. The initiative also provides access to banking facilities and real estate as well as facilitated visa issuance for advanced technology businesses that seek to operate in the UAE.
NextGenFDI programme includes government and private sector stakeholders such as Dubai International Financial Centre (DIFC), Abu Dhabi Global Market (ADGM), the Dubai Multi Commodities Centre (DMCC), and Dubai Internet City. This is in addition to Dubai South, the listed Emirates NBD, and the digital banking platform Wio.
Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi, said: “Zencargo’s decision to open operations in UAE is the latest example of a ground-breaking company taking advantage of our NextGen FDI programme, and the UAE’s dynamic business ecosystem, to pursue their next growth stage, which includes the expansion into new markets.”
The ministry noted, in its statement, that Zencargo’s presence in the UAE will endorse the country’s Trade Tech initiative, which was launched in partnership with the World Economic Forum, to fast-track the digitalisation of international supply chains, endorse customs procedures, and improve developing countries’ access to the global trading system while spurring a new era of trade growth.
Al Zeyoudi added: “Their utilisation of advanced technology to revolutionise freight forwarding is fully aligned with the UAE Trade Tech Initiative, which seeks to deploy the tools of the Fourth Industrial Revolution to bring the global trading system into the 21st Century.”
Co-Founder of Zencargo, Richard Fattal, noted: “At Zencargo, we're delighted to be expanding in the GCC region, which is undergoing so much growth and with a clear and open attitude to facilitating global trade that we find deeply encouraging.”
All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (Syndigate.info).