Krush Brands, a food technology and multi-kitchen food service company, became the first business to join the UAE’s NextGen FDI initiative, the country’s Ministry of Economy announced on Tuesday.
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 to triple its growth by creating 700 jobs within two years and moving its technology arm from Europe.
The Ministry of Economy and 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.
NextGenFDI aims to attract leading digitally-enabled companies and exceptional tech talent, including software developers, data scientists, computer programmers and digital entrepreneurs, to the UAE, in its endeavor to becoming a diversified knowledge-driven economy.
More new tech companies, entrepreneurs, and strategic partners for NextGenFDI will be announced in the near future, the Ministry said.
The NextGenFDI initiative complements other initiatives, such as the National Programme for Coders, which offers golden visas to 100,000 coders.
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.”
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.”