We’re pleased to announce that Kasta is one of the nine new international companies joining the NextGen FDI initiative of the United Arab Emirates (UAE). This is exciting news as each company will receive support and incentives to help them grow and expand their business in the UAE.
The country’s Ministry of Economy welcomed Ka.app and eight other companies, which also included Polygon, the blockchain network where the KASTA token, Kasta’s native cryptocurrency, was built. The ministry states that the companies within its Foreign Investment Initiative reflect the UAE’s broad scope and ambition. The initiative supports these companies’ expansion in the country and is set to boost the national economy with nearly $500 million (USD). This also highlights how successful the UAE has been in promoting future industries in a sustainable way.
What Is NextGen FDI?
NextGen FDI is a foreign investment initiative launched by the UAE government in July 2022. It aims to boost the national economy by supporting the expansion of foreign companies in the country. Their goal is to attract 300 digital companies from different sectors that focus on advanced technology applications.
The Support and Incentives NextGen FDI Offer
The NextGen FDI initiative helps companies grow their businesses in the UAE by offering:
- Support in obtaining necessary financing
- Support for the smooth and rapid transition of management and employees
- Support in establishing their new headquarters
- Rental and housing incentives
NextGen FDI’s Importance for the UAE Economy
In an interview, Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that the new companies joining the initiative show that international companies trust the UAE's economy.
This also makes the initiative more important for improving the advanced technological system in the country, which is a key part of the UAE's new economic model based on knowledge and innovation, as outlined in the UAE Centennial 2071 plan.
In an interview about the NextGen FDI initiative, Ka.app CEO Carl Roegind responded, “We are delighted to take advantage of the opportunity presented by the Next Generation FDI initiative. The UAE has created a business environment and infrastructure that supports innovation and provides many economic benefits to technology companies. In turn, Ka.app relies on the latest digital technologies to offer a fast and easy-to-use virtual asset payments platform.”
“We look forward to expanding our operations and services in the UAE which is in line with our goal of becoming a [world] leader in virtual asset payments,” he added.
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What is Ka.app?
Ka.app is a crypto payment app and wallet that allows users to send crypto for free when the other Ka.app user accepts the payment in the same currency (e.g., sent in Bitcoin and received in Bitcoin). It also allows you to convert crypto, lock up KASTA tokens in the app and earn up to 8% annual percentage yield (APY), and receive payments in your preferred currency using the Easy Swap Engine.
Is Ka.app safe?
We use Fireblocks' advanced technology to secure digital assets and protect them from cyber-attacks, human error, and internal collusion. This technology is known for its reliability and helps us maintain the highest level of security for our customers' assets.
In addition, we have a license based in the EU, which allows us to offer custodial services. We also comply with legal requirements to prevent illegal activities such as hacking, fraud, and money laundering.
Is Ka.app available in my country?
Ka.app is available in the European Union and other parts of the globe. Download the app to verify its availability in your region.