The emirate’s efforts to transition to a digital society will be supported by the 90% subsidy on licenses.
In order to promote these industries and draw in additional investment, Dubai will give commercial licenses to businesses that operate in Web3 and artificial intelligence.
The Dubai International Financial Centre (DIFC) announced on Monday that the licenses, which are being given by the AI and Web 3.0 Campus, will be 90% subsidized and support initiatives to promote the emirate’s ambition to become a digital society.
Services related to distributed ledger technology, specialized AI research and consulting firms, IT infrastructure builders, technological research and development, and public network services are just a few of these endeavors.
According to Mohammad Alblooshi, CEO of the DIFC Innovation Hub, “We are confident that by issuing these licenses, we will be attracting more global talent and investments to the region, while developing a culture of collaboration and innovation.”
The campus was established in June with the goal of becoming the Middle East and North Africa’s largest cluster of AI and Web3 businesses.
More than 500 high-tech companies are expected to relocate there by 2028, together with $300 million in investment capital and more than 3,000 new jobs.
“This is a significant milestone for the Dubai AI and Web3 Campus,” claims Mr. Alblooshi, “and will further cement Dubai’s status as the business location choice for technology-focused companies as well as draw more top-tier talent and diversified investors to the region.” Although businesses and society have always used AI, it has lately grown in popularity as a result of the digital economy’s rapid expansion and continued government support.
Virtual personal assistants, online shopping, search engines, data analysis, speech and facial recognition systems, machine translation, and smart homes are a few of its more noteworthy applications.
The emergence of generative AI, which was popularized by ChatGPT, the Microsoft-backed OpenAI platform that can generate diverse types of data, which includes audio, code, text, and videos has increased its popularity.
According to a recent McKinsey study, the productivity boost from generative AI for corporations might be as high as $4.4 trillion yearly. By 2030, according to PwC, AI will contribute roughly $15.7 trillion to the global economy.
By 2025, it is anticipated that AI will help create about 200,000 employment in the Middle East, according to a McKinsey projection.
Meanwhile, Web3, a fresh take on the World Wide Web, emphasizes blockchain technology together with decentralization, openness, and increased consumer value.
According to a study by PwC unit Strategy&, the technology is expected to boost the GCC economies by $15 billion annually by 2030, with Saudi Arabia leading the way.
Within the DIFC Innovation One buildings, the Dubai AI and Web 3.0 Campus offers cutting-edge physical and digital infrastructure, including R&D facilities, accelerator programs, and collaborative workplaces.
According to Mr. Alblooshi, the campus “will foster a world-class nurturing environment that facilitates business growth and development.”
Dubai has also started a number of projects in support of its aims to accelerate the growth of AI.
The Dubai Centre for Artificial Intelligence, which will serve as a training ground for 1,000 employees from more than 30 government agencies, was established in June.
The Dubai Assembly for Generative AI, an event that aspires to define the future of AI and educate governments and communities about the prospects it offers, was planned to be held in the emirate in October. This was announced in July.