Dubai, located at the crossroads of the Middle East and North Africa (MENA), is making an impressive incentive to attract web3 and Artificial Intelligence (AI) companies, focusing on technological growth in the region. This incentive provides a 90% license fee discount to companies seeking operational licenses in the city. This move aims to further enhance Dubai’s contribution to technological development and solidify its leading position in the region.
Dubai AI and Web3 Campus
At the heart of Dubai’s supportive initiative is an endeavor known as the “Dubai AI and Web3 Campus.” This campus is established to foster growth and innovation in the technology sector within the region. It offers various incentives to promote innovations among a diverse range of web3 companies, spanning from digital asset exchanges to NFT creators.
Within this incentive package, Dubai encompasses licenses supported by the Dubai International Financial Centre (DIFC) in the city. These licenses, granted with the aim of preserving their niche in attracting top-tier industry talent in recent months, are a crucial step in maintaining Dubai’s status as a regional technology leader.
“By issuing these licenses, we are confident in attracting more global talent and investment to the region and cultivating a culture of collaboration and innovation.”Mohammed Alblooshi, CEO of DIFC Innovation Hub
Dubai’s incentives go beyond mere license fee discounts. The city also plans to provide an environment equipped with state-of-the-art AI systems and laboratory innovations to companies interested in operating in the fields of Artificial Intelligence and web3. This will enable relocating companies to operate more efficiently and accelerate their innovations.
The Dubai AI and Web3 Campus also opens its doors to young innovators with the goal of nurturing and supporting future technology leaders. This campus offers educational opportunities, hardware, and funding to young talents aspiring to build careers in the fields of AI and crypto. This aims to further enhance the technological potential of the region.
Looking to the Future
Dubai’s move underscores the growth potential of the technology sector in the region. Estimates suggest that by 2025, approximately 200,000 new jobs will be created in the Middle East. Dubai’s position as a technological leader, both locally and globally, is set to be further solidified.
Dubai is forging ahead with ambitious goals for the future. Over the next five years, the city aims to create 3,000 new jobs and invest $300 million. These investments are expected to have a positive impact on the technology and innovation ecosystem in the region.
Dubai’s technological vision extends beyond its own borders and is making waves on the international stage. The city has taken strides in digital asset regulations, issuing Minimum Viable Product licenses to significant exchanges like Binance, thus increasing interest in digital asset services.
Shaping the Metaverse and the Future
Among Dubai’s objectives is to grow in the metaverse space and establish leadership in this field. The city has a ten-year plan to create over 40,000 jobs and attract 1,000 metaverse companies. This vision is a step taken to ensure Dubai’s continued technological leadership.
“… we have the vision to create one of the world’s top 10 metaverse economies and establish a global center for the metaverse community.”Mohammed Alblooshi, CEO of DIFC Innovation Hub