UAE Partners With Startup Deel to Expedite Foreign Worker Visas
- Oops!Something went wrong.Please try again later.
- Oops!Something went wrong.Please try again later.
- SHOP
- COIN
(Bloomberg) -- Sign up for our Middle East newsletter and follow us @middleeast for news on the region.
Most Read from Bloomberg
Natural Gas Soars 700%, Becoming Driving Force in the New Cold War
Person of Interest in July 4 Parade Shooting That Killed Six in Police Custody
Tesla Pauses Plants After Ending Shaky Quarter With a Production Milestone
Bitcoin Hints at a Bottom, But It May Be Different This Time
The United Arab Emirates is forging a partnership with startup Deel to speed up the visa process for foreign workers, offering a new tool in the country’s push to attract international talent and become a regional technology hub.
Payroll and onboarding company Deel will be able to offer its customers, which include the likes of Coinbase Global Inc. and Shopify Inc., faster access to visas through a strategic partnership with the UAE’s Office for AI, Digital Economy and Remote Work Applications, according to a statement shared with Bloomberg.
“I expect this to be a big growth generator for Deel and hopefully a big magnet for talent to the UAE,” Chief Executive Officer Alex Bouaziz said. Customers will be able to access two kinds of visas -- ten years of self-sponsored residence or a more flexible one for shorter durations.
The UAE government has been seeking to make the country a more attractive destination for global technology companies, as part of a plan to diversify away from oil. Bouaziz said that Deel has already begun onboarding workers in recent weeks under the agreement and it could eventually expand to cover tens of thousands of employees.
Founded in 2019, San Francisco-based Deel was last valued at $5.5 billion in October and has received backing from investors including Coatue and and Altimeter Capital. Deel entered a public offer last week to acquire Australian payroll company PayGroup, and Bouaziz said the company is working on other acquisitions.
This is the first time the firm has partnered with a government, but the pact could serve as a model for future agreements, Deel said.
Most Read from Bloomberg Businessweek
The Lottery Lawyer Won Their Trust, Then Lost Their Mega Millions
Did Razzlekhan and Dutch Pull Off History’s Biggest Crypto Heist?
Gangs Are Fake-Killing People in India for Insurance Payouts
How Generations of Black Americans Lost Their Land to Tax Liens
©2022 Bloomberg L.P.