The United Arab Emirates has a partnership with startup Deel to speed up the visa process for foreign workers and make it 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 customers 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.
Chief Executive Officer Alex Bouaziz said that this will be a big growth generator for Deel and hopefully a big magnet for talent to the UAE. Customers will be able to access two types of visas -- ten years of self-sponsored residence or a more flexible one for shorter durations.
The UAE government is looking to make the country more attractive for global technology companies, as part of a plan to diversify away from oil. Bouaziz said Deel has already begun onboarding workers in recent weeks and could expand to cover tens of thousands of employees.
In October, Deel, founded in San Francisco, was valued at $5.5 billion and has received backing from investors including Coatue and Altimeter Capital. Deel entered a public offer last week to purchase Australian payroll company PayGroup, and Bouaziz said the company is working on other acquisitions.
This is the first time that the firm has partnered with a government, but the pact could serve as a model for future agreements, Deel said.
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