Dubai AI and Web 3.0 Campus introduces specialised licensing solutions for tech firms looking to scale their business in the region
The Dubai AI and Web 3.0 Campus have announced that it is issuing artificial intelligence (AI) and Web3 licenses supporting activities ranging from Distributed Ledger Technology Services, specialised Artificial Intelligence Research & consultancies, IT infrastructure builders, Technology Research and Development and Public Networking Services.
Licenses will be issued by Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, which is currently home to an established ecosystem of tech enablers and start-ups at the DIFC Innovation Hub.
The Dubai AI and Web 3.0 Campus is a dedicated campus for AI and Web3 innovation and will provide state-of-the-art physical and digital infrastructure within the DIFC Innovation One new premises, including R&D facilities, accelerator programmes and collaborative workspaces, to attract, build and scale firms in the region. The campus was launched earlier this year and is supported by Dubai’s industry-leading regulatory regime aligned with the emirate’s vision of becoming a global leader in AI and Web3.
PwC estimates AI to contribute USD15.7 trn to the global economy by 2030. Another report by McKinsey determines that AI will create about 200,000 jobs in the Middle East alone by 2025. Supporting this growth, the Dubai AI and Web 3.0 Campus is positioned to become the largest cluster of AI & Web3 companies in the region attracting over USD300 mn in capital and creating 3,000 jobs by 2028. The campus will also increase accessibility and participation in Web3 development, backed by a collection of underlying technologies such as blockchain, AI, internet of things and the metaverse. Virtual assets owned in Web3 decentralised infrastructures represented about 40% of the virtual-asset global economy in 2021, according to a report by BCG, and the transaction value of virtual assets is said to range between USD150 billion and USD300 billion by 2025.
Mohammad Alblooshi, Chief Executive Officer of the DIFC Innovation Hub, said, “We are thrilled to announce that we are now granting innovative AI and Web3 companies licenses out of DIFC. The campus will foster a world-class nurturing environment that enables business growth and development. We are confident that by granting these licenses, we will attract more global talent and investment to the region and create a culture of collaboration and innovation. 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.”