Quick take:
- AI and Web3 Campus has introduced subsidised licences for tech startups.
- Applicants will receive a 90% discount on all licensing fees.
- Licenses will be issued by Dubai International Financial Centre (DIFC).
The Dubail AI and Web3 Campus on Monday announced subsidised licensing for tech startups. The campus will provide a 90% subsidy on all licensing fees for startups offering distributed ledger technology services, AI research, consultancies IT infrastructure builders, technology research and development, and public networking services.
The recipients of the licenses will also get physical offices and co-working spaces in the Dubai International Financial Centre (DIFC)’s Innovation One building. The campus is part of DIFC’s initiative to create the physical and digital infrastructure required to scale tech startups.
Commenting on the announcement, 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.”
Alblooshi noted that the initiative shown by the DFIC will attract more global talent and investment to the region and create a culture of collaboration and innovation.
Dubai has emerged as one of the leading centres for tech innovation in the Middle East, Africa and South Asia, spearheading the adoption of web3 technologies and the metaverse. In May 2022, the state launched a strategic plan that will see the metaverse inject $4 billion into the economy by the year 2030, creating 40,000 jobs in the process.
Alblooshi thinks the Dubai AI and We3 Campus will strengthen Dubai’s “position as the business destination of choice for technology-focused companies.”
According to DFIC’s statement, the Dubai AI and Web 3.0 Campus is well positioned to attract more than $300 million in capital and create 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,” DFIC wrote.
****
Stay up to date:
Subscribe to our newsletter using this link – we won’t spam!
