UNITED ARAB EMIRATES: Dubai in the United Arab Emirates is set to provide commercial licenses to artificial intelligence (AI) and Web 3.0 businesses with a potential 90% subsidy, according to media reports. The initiative aims to establish a cluster of innovative tech firms in the Middle East and North Africa (MENA) region.
The Dubai AI and Web 3.0 Campus, a tech hub, recently announced these subsidies for licences to encourage company setups in the city. The licenses are anticipated to be granted by the Dubai International Financial Centre (DIFC) as they seek to attract a diverse range of investors, as per reports.
Mohammad Alblooshi, CEO of a DIFC Innovation Hub, said, “We expect that by granting these licences, we will attract more global talent and investment to the region and create a culture of collaboration and innovation.”
Moreover, the upcoming virtual asset service provider license is anticipated to enable Laser Digital to provide broker-dealer services. It is speculated that they will also extend their offerings to encompass virtual asset management and investment services within the emirate, according to reports.
Dubai has unveiled plans to provide subsidized licenses to companies looking to establish operations within the United Arab Emirates. The Dubai International Finance Center will distribute these certificates as a progressive measure to cater to a wide range of international investors with varying interests.
The technology-centric campus integrates attractions like accelerator initiatives, collaborative spaces, hardware support, and AI laboratories to draw a wide audience.
Enrollees can anticipate a top-tier setting that nurtures business growth. Dubai introduced this campus in early 2023, aligning with its goal to become a global centre for Web3 and AI.
Strengthening the Middle East economy with AI
Reports suggest that the region will see around 200,000 job openings in AI by 2025. PwC’s forecast projects AI to become a $15.7 trillion industry by 2030.
The Dubai AI and Web3 Campus aims to bolster the initiative by establishing a significant hub of technology companies in the area, attracting investments exceeding $300 million and generating over 3,000 job opportunities by 2028.
Additionally, the campus will enhance engagement in Web3 through cutting-edge technologies such as the Internet of Things (IoT), metaverse, blockchain, and AI.
Furthermore, Dubai has granted operational certificates to cryptocurrency exchanges. In late July, the Minimum Viable Product license was extended to Binance by the Dubai Virtual Assets Regulatory Authority (VASP).
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