Dubai Offers Web3 and AI Firms A 90% License Fee Cut, Seeks To Host Largest Tech Firms In MENA
Dubai has announced a 90% registration subsidy for web3 and Artificial Intelligence (AI) companies seeking operational licenses in the city as it seeks to create the largest pro-tech hub in the Middle East and North African Region (MENA).
Dubbed the Dubai AI and Web3 Campus, the city rolled out a vision for its tech space and has so far offered web3 firms ranging from digital asset exchanges, and NFTs creatives multiple incentives to drive innovation in the region.
The subsidized licenses will be issued by the Dubai International Financial Center (DIFC) as it maintains its niche for attracting top industry talent in the past few months.
Authorities in Dubai have stressed that the AI campus comes with state-of-the-art AI systems with lab innovations that can cater to the number of companies willing to move to the city.
In addition, the campus is structured to offer training for young innovators seeking a career in AI and crypto with supporting hardware, equipment, and funding.
Mohammed Alblooshi, CEO of the DIFC Innovation Hub noted that they would continue to attract more talent through skill, incentives, and innovation.
“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.”
Projected reports around the hub show that the AI outlets will create close to 200,000 jobs in the Middle East by 2025 as the global industry grows in the coming years.
Dubai takes a giant leap
The Dubai campus aims to spring up 3000 jobs over the next five years with over $300 million worth of investment in the city.
The city launched its AI and web3 campus early this year with observers lauding the move and its achievements a few months later.
In line with its objectives, Dubai’s Virtual Asset Regulatory Authority (VARA) has given out licenses to several digital asset exchanges including offering Binance a Minimum Viable Product license last month.
Binance, the largest exchange by volume, will now offer a range of digital asset services to multiple financial institutions as it expands its grip in the Middle East.
This month, the financial regulator also issued a license to Nomura’s virtual asset arm, Laser Digital Middle East to offer crypto-based brokerage and associated digital asset investment services in the country.
Dubai also pushes a metaverse plan with a vision to attract 1000 metaverse firms and blockchains creating over 40,000 by the end of the decade.
“… the vision to create one of the world’s top 10 metaverse economies as well as a global hub for the metaverse community.”