Solomon Samuel The city of Dubai in the United Arab Emirates has begun offering artificial intelligence (AI) and Web3 businesses commercial licenses at a 90% subsidy as part of its efforts to create the largest concentration of new-age technology companies in the Middle East and North Africa (MENA) region.
The Dubai AI and Web 3.0 Campus, an aspirant tech center, has decided to subsidize licenses for companies willing to establish a presence in the city.
DIFC’s newly-launched Innovation One building has physical offices and co-working spaces for registered AI and Web3 enterprises. Source: dubaiaicampus.com
Dubai International Financial Centre (DIFC) will issue the licenses as the city seeks to attract global talent and diverse investors.
“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.”
Mohammad Alblooshi, chief executive officer of the DIFC Innovation Hub, stated that the campus is outfitted with technologies that complement the target audience, including AI lab facilities and training programs, supporting hardware, and accelerator programs.
Dubai’s AI and Web3 license application form. Source: innovationhub.difc.ae
Applicants for subsidized commercial licenses will be required to complete a registration form.
In addition to recruiting talent, Dubai has granted crypto exchanges operational licenses.
Nomura’s crypto subsidiary Laser Digital Middle East FZE received an operating license from Dubai’s Virtual Asset Regulatory Authority (VARA) in early August.
The new virtual asset service provider (VASP) license would permit Laser Digital to provide brokerage, virtual asset management, and investment services in the emirate.