ICA signs two Cooperation Agreements with a Business Incubator in Abu Dhabi and “Dubai Future”

ICA entered into a number of Joint Cooperation Agreements with HUB71 business incubator in Abu Dhabi and Dubai Future Foundation (DFF) to strengthen the opportunities for attracting entrepreneurs and people of distinguished experiences and creative thinking. This event was witnessed by H.H Mohammed bin Rashid Al Maktoum, vice president, prime minister of the United Arab Emirates and Ruler of the Emirate of Dubai, Lt. General H.H Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and UAE’s Minister of Interior and H.H Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister of the UAE and Minister of Presidential Affairs. These agreements mark the three parties’ cooperation in the fields of training, experience exchange, facilitating the procedures for business conduct, creating an attractive and encouraging investment environment for business growth and success.

The events of signing these agreements were attended by H.E. Jassim Mohammed Buatabh Al Zaabi, Chairman of the Department of Finance-Abu Dhabi, H.E Ali Mohammed bin Hammad Al Shamsi, Chairman of the Board of Directors of ICA, along with a number of the senior officials.

ICA will be responsible for issuing the related visas, and will cooperate with HUB71, a business incubator in Abu Dhabi, and “Area 2071” business incubator, annexed to Dubai Future Foundation to nominate the entrepreneurs eligible for benefits from this endeavor aiming at promoting the investment environment by opening a wider door to enable those of creative thinking and distinguished acts from all over the world to achieve their ambitions starting from UAE.

HE Major General Saeed Rakan Al Rashidi, Director General of Foreigners Affairs and Ports at ICA emphasized that these agreements come within the framework of the Cabinet Decree, regulating residency permits for investors, entrepreneurs, and specialized talents. It aims at attracting creative minds and distinguished experiences to the State, providing all the enablers for firmly establishing UAE as the most attractive environment for business and experiences, which positively reflects on the overall business environment development, production, and improvement operations. Besides, it reflects on its efficiency and attractiveness, raising the state’s competitive capabilities to higher levels internationally.

Dr. Mohammed Rashid Al Hamli, Secretary-General of the Abu Dhabi Executive Council, said that today, UAE represents a destination for those who seek an opportunity of success and excellence. We support all that would achieve higher levels of integration with public and private entities to promote development spheres and government policies and suggest development projects including, attracting entrepreneurs, which is a positive step reflecting on the economic level and establishing the State as one of the economic centers in the world.

Under the signed agreement, cooperation between ICA and HUB71 business incubator will be established to develop mechanisms and plans for attracting entrepreneurs to Abu Dhabi, intensify cooperation, provide the required support and facilitate related procedures.

On the other hand, Khalfan Juma Belhoul, CEO of Dubai Future Foundation stated that DFF is seeking to interpret UAE orientation as an incubator for ideas and innovations and as a destination for investors, entrepreneurs, and the distinguished through this agreement. “We look forward to promoting our partnership with the public and private entities and integrating our visions to make UAE a global destination for innovative models and techniques in business”, He said.

He further added: “Entrepreneurs and their family members, including spouses and children will be granted a renewable five-year residency visa. This visa is personal and is not under the foundation’s name to ensure that entrepreneurs have the required autonomy and to support their free-business environment”.

Efforts between ICA and Dubai Future Foundation will be coordinated to submit their recommendations and nominations to attract entrepreneurs and cooperate in the training field through the HUB71 business incubator. In addition, periodical evaluation of the UAE residency visas applications will be conducted and the specializations of entrepreneurs will be utilized in supporting the developing strategies of the State.