Dubai to offer subsidized commercial licenses to AI, Web3 companies

Credits: Arab News

Dubai plans to offer subsidized commercial licenses to AI and Web3 companies through the AI and Web 3.0 Campus, facilitated by the Dubai International Financial Centre.

These licences, covering distributed ledger services, AI research, IT infrastructurhttps://cryptoavanza.com/difc-ai-web3-0-hub-aims-for-500-tech-businesses-by-2028/e, and more aim to drive digitalization in the emirate and attract investment.

The Dubai International Financial Centre mentioned that the licences will receive 90% subsidies and support the UAE’s ambition to become a tech-forward society.

“We are confident that by granting these licences, we will attract more global talent and investment to the region, and create a culture of collaboration and innovation,” said Mohammad Alblooshi, CEO of the DIFC Creativity Hub.

In June, the campus started with a goal to become the biggest hub of AI and Web3 firms in the Middle East and North Africa. By 2028, it aims to draw over 500 high-tech companies, raise $300 million, and generate 3,000+ jobs in the next five years.

Mr Alblooshi stated, “This is a notable milestone for the Dubai AI and Web3 Campus and will strengthen Dubai’s position as the business destination of choice for technology-focused companies and attract more world class talent and diversified investors to the region.”

As the digital economy expands and nations promote its adoption, AI has become increasingly prominent in both businesses and society.

Its applications encompass virtual assistants, online shopping, data analysis, search engines, speech and facial recognition, machine translation, and smart homes.

Read More: FC Barcelona gets €120 million investment for innovative Web3 project

The emergence of generative AI, notably represented by Microsoft-backed ChatGPT, has further propelled AI’s popularity by generating diverse data forms like text, audio, code, and videos.

McKinsey estimates that generative AI could annually contribute $2.6 to $4.4 trillion in productivity gains for businesses.

Additionally, PwC forecasts AI to contribute approximately $15.7 trillion to the global economy by 2030. AI is expected to generate around 200,000 Middle East jobs by 2025, as per McKinsey’s report.

Meanwhile, Web3 introduces a novel World Wide Web concept featuring blockchain, decentralization, openness, and user utility.

The Dubai AI and Web 3.0 Campus offers advanced physical and digital infrastructure, fostering innovation through R&D facilities, accelerators, and collaborative workspaces at DIFC Innovation One premises.

“The campus will foster a world-class, nurturing environment that enables business growth and development,” Alblooshi added.

Dubai has introduced various efforts to promote the advancement of AI. Notably, the Dubai Centre for Artificial Intelligence, initiated in June, is set to educate over 1,000 staff members from 30+ government entities about generative AI applications.

In July, plans were unveiled for the Dubai Assembly for Generative AI, scheduled for October. This event seeks to influence the trajectory of AI, offering insights into its potential opportunities for governments and societies.