The Ministry of Economy has announced that Zencargo, a UK-based pioneer in digital freight forwarding, is the latest company to join its NextGenFDI programme.
The company plans to establish operations in the Emirates with a view to integrating into the UAE’s technology, trade and logistics ecosystem and using the country as a platform to expand its operations into Africa and South Asia.
Zencargo’s presence in the UAE is an endorsement of the UAE’s Trade Tech initiative, which was launched in partnership with the World Economic Forum to accelerate the digitalisation of international supply chains, enhance customs procedures, improve developing countries’ access to the global trading system and spur a new era of trade growth.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said,
“The UAE is a champion of trade innovation and supports the harnessing of advanced technology to catalyze global trade. 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. 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.”
Commenting on Zencargo’s decision to establish operations in the UAE, Co-Founder Richard Fattal said,
"It's my pleasure to be here in the UAE. 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. NextGen FDI and the UAE's free port strategy are clear examples of this, and we are excited to be helping businesses in the region to unlock smarter shipping decisions and connect them with the tools to gain more control over their supply chains."
Zencargo is a freight forwarder that uses software to provide clients with visibility into their supply chains. It was founded in London in 2017 and has since expanded to the UK, North America, Benelux, China, and East Asia. The company is now expanding to the UAE with the help of the NextGenFDI programme, which provides support to advanced technology companies.
The NextGenFDI programme offers Zencargo a number of benefits, including rapid incorporation and licensing, ready access to banking facilities and real estate, and facilitated visa issuance. This will help Zencargo to grow its business in the UAE and support the country's knowledge-based economy.
News Source: Emirates News Agency