Abu Dhabi: The Ministry of Economy announced one of the first businesses to join the landmark NextGenFDI initiative - Krush Brands, a full stack food technology, multi-kitchen food service company. The announcement comes three weeks after the launch of the global initiative in collaboration with seven strategic partners and representatives of key national entities in the UAE. Under the initiative, Krush Brands will relocate its global headquarters to the UAE with an aim to triple its growth by creating 700 jobs within two years, in addition to moving its technology arm from Europe to the UAE.
H.E. Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, said: “The UAE’s vision aspires to promote FDI flows to the new economic sectors. In line with this vision, NextGenFDI is set to cement the country’s efforts in building a successful economic model based on knowledge and innovation. The Ministry of Economy continues to work alongside its strategic partners to attract new companies to our market and promote business activity and innovation, in accordance with our wise leadership’s directives and the Principles of the 50, thus consolidating the UAE’s position as a leading global FDI destination.”
H.E. added: “Krush Brands joining the initiative marks a big step forward in this direction as it is clear that the company sees the UAE as the perfect place for sustainable development and digital business expansion. We are also committed to offering the necessary support to facilitate the setting up of technology startups in the UAE and look forward to welcoming more companies and stakeholders to the initiative in the near future.”
The NextGenFDI initiative offers multiple incentives to digital companies, including faster business setup processes, banking readiness, simpler visa procedures and attractive commercial and residential real estate options. The initiative also complements other UAE initiatives such as the National Program for Coders, which is offering golden visas to 100,000 coders.
The Ministry of Economy, along with other committed stakeholders, will support Krush Brands’ business journey by offering practical support that includes introducing them to potential strategic partners across aviation, hospitality, real estate and retail. The integrated efforts by the Ministry and other stakeholders will enhance value chains and help develop the digital business ecosystem throughout the country.
Ian Ohan, Founder and CEO of Krush Brands, said: “This is a win-win for us and gives us the opportunity to build our technology company in a world class digital economy, right here in the UAE. This is a milestone in Krush Brands’ evolution as we focus on accelerating our proprietary technology, our brands, operations and last mile logistics capabilities to scale with strategic partners in the UAE and the across the region. We are proud to be a founding member of the NextGenFDI program and contribute to the growth of the UAE digital economy.”
Krush Brands has championed economically sustainable delivery and is the only digitally enabled full-stack, fully integrated, omni channel food and beverage company in the region. It has proprietary food technology, operates its own loved food and beverage brands and has its own professional and ethically treated delivery fleet. Its unique business model provides an economically sustainable and profitable ecosystem for innovative, local foodpreneurs to thrive and re-connect with the communities in which they operate.
Krush Brands recently launched Locale, its own, highly curated, online marketplace for its local food brands. Locale is a place where good food, good people and good ideas matter. By not seeking profit on its delivery, technology or advertising Locale aligns its interests with foodpreneurs, customers and its employees by focusing on making a profit on food.
Krush Brands were instrumental during Covid in promoting home-grown foodpreneurs in the UAE. Through the Locale app, diners can order directly from leading local brands, including Freedom Pizza, Coco Yogo, Salad Jar, Wildflower, Viking Bageri, Alannah’s Pastry Boutique, Moby Vegan Sushi, Inkognito, Rumba, Mercato Centrale and more; with the option to combine multiple products from different brands in one order.
The company is one of the first to sign up to NextGenFDI, which aims to attract leading digitally enabled companies and exceptional tech talent including software developers, data scientists, computer programmers and digital entrepreneurs to the UAE. The nationwide initiative aims to supercharge the UAE's digital ecosystem and fast-track plans to make the UAE a diversified knowledge-driven economy.
More new tech companies, entrepreneurs, and strategic partners for NextGenFDI will be announced in the near future. As more companies and stakeholders join the initiative, it will further enhance the UAE’s growing digital economy and help to empower the UAE for the next 50 years.
- NextGenFDI targets approximately 300 digitally enabled companies and aims to attract skilled programmers, data scientists and tech-engineers within the next three years
- The initiative offers expedited services including licenses with member free-zones, golden visas for highly skilled professionals, affordable accommodation, office space, and expedited banking services
- Seven strategic partners including DIFC, ADGM, Dubai Internet City, Dubai South, DMCC, Wio and Emirates NBD have signed up under Phase 1 of the initiative with many more expected to join in Phase 2
- Businesses can find more information on NextGenFDI at: https://www.moec.gov.ae/en/nextgenfdi