Food technology company Krush Brands is hoping to triple its growth and create 700 jobs in the UAE as it joins a new government initiative that supports digitally-enabled businesses.
The company will also move its technology arm from Europe to the UAE as part of the NextGenFDI initiative, the Ministry of Economy said in a statement on Tuesday.
Krush Brands, which operates multiple food and beverage brands in the UAE, is one of the first businesses to join the programme, which was launched by the ministry last month.
The NextGenFDI initiative offers multiple incentives to digital companies, including faster business set-up processes, banking readiness, simpler visa procedures and attractive commercial and residential real estate options.
“The UAE’s vision aspires to promote FDI [foreign direct investment] flows to the new economic sectors,” Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said.
“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 NextGenFDI initiative complements other programmes such as the National Programme for Coders, which is offering golden visas to 100,000 coders.
“We are … committed to offering the necessary support to facilitate the setting up of technology start-ups in the UAE and look forward to welcoming more companies and stakeholders to the initiative in the near future,” Dr Al Zeyoudi said.
The UAE, the Arab world's second-largest economy, is taking various measures to attract more FDI into the country.
The country overhauled its commercial companies' law in 2020 to attract more foreign capital and annulled the requirement for onshore companies to have an Emirati shareholder.
It is also signing new trade deals with different countries to support economic growth.
Krush Brands operates its own brands, including Freedom Pizza, Coco Yogo, Salad Jar, Wildflower and Viking Bageri, among others. The company also has a delivery fleet and recently launched Locale, an online marketplace for its local food brands.
Under the initiative, the Ministry of Economy, along with other stakeholders, will support Krush Brands by offering "practical support" that includes introducing potential strategic partners across aviation, hospitality, real estate and retail, the statement said.
The efforts will “enhance value chains and help develop the digital business ecosystem throughout the country”, it said.
“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 across the region,” said Ian Ohan, founder and chief executive of Krush Brands.