Dubai, known for its innovative and forward-thinking approach, has recently unveiled a groundbreaking initiative to entice artificial intelligence (AI) and Web3 companies to establish themselves in the city. By offering a whopping 90% subsidy on commercial licenses, Dubai aims to create the largest cluster of new-age technology firms in the Middle East and North Africa (MENA) region.
The Dubai AI and Web 3.0 Campus, an ambitious tech hub, announced the decision to subsidize licenses for companies interested in setting up a base in the United Arab Emirates. These licenses will be issued by the Dubai International Financial Centre (DIFC), with the intention of attracting global talent and diverse investors to the city.
According to Mohammad Alblooshi, the CEO of DIFC’s Innovation Hub, the granting of these licenses will not only draw in more talent and investment but also foster a culture of collaboration and innovation in the region. The campus is equipped with state-of-the-art facilities, including AI labs, training programs, hardware support, and accelerator programs, all tailored to the needs of the tech community it aims to attract.
To apply for the subsidized licenses, enterprises will need to fill out an application form. Although there have been some initial technical issues with the form’s submission process, efforts are underway to rectify the situation.
This move by Dubai goes beyond merely providing licenses to AI and Web3 companies. In recent months, the city has also granted operational licenses to cryptocurrency exchanges. Laser Digital Middle East FZE, Nomura’s crypto arm, secured an operating license from Dubai’s Virtual Asset Regulatory Authority (VARA), allowing them to offer various services such as broker-dealing and virtual asset management in the emirate.
Q: What is a commercial license?
A: A commercial license is a legal document that permits a company or individual to conduct business activities within a specific jurisdiction.
Q: What are AI and Web3?
A: AI stands for artificial intelligence, which refers to the development of computer systems capable of performing tasks that typically require human intelligence. Web3, on the other hand, signifies the next generation of the internet, characterized by the decentralized and user-centric nature of technology applications.
Q: How can companies benefit from subsidized licenses?
A: Subsidized licenses offer significant cost savings for companies by reducing the financial burden associated with obtaining a commercial license. This incentive encourages enterprises to establish their operations in Dubai and contribute to the growth of its tech ecosystem.