Dubai will offer subsidized licenses for Web3 and artificial intelligence (AI) companies that want to enter the country. The Dubai International Financial Centre (DIFC) and its campus will subsidize 90% of the costs of these licenses to attract companies in this sector as part of its push to become a worldwide tech hub.
Dubai to Offer Subsidies for Web3 and AI Companies
The Dubai International Financial Centre (DIFC) announced the issuance of special commercial licenses for Web3 and artificial intelligence (AI) companies wanting to set up operations in the emirate. 90% of the cost of each license will be subsidized to help companies in their initial stages.
The licenses offered will allow the companies to access physical offices and co-working spaces in the Innovation One building, according to a press release issued by the DIFC.
The UAE Ministry of Economy details that the DIFC has more than 25,000 professionals working at more than 2,000 active registered companies, as one of the biggest financial centers for the Middle East, South Asia, and Africa. With this move, the DIFC hopes to become a significant hub in the industry, advancing and supporting Dubai’s leadership in Web3 and AI technology.
Becoming a Tech Hub
Only companies looking to develop activities in areas such as distributed ledger technology (DLT) services, specialized AI research & consultancies, IT infrastructure building, technology research and development, and public networking services will be able to take advantage of these license subsidies.
Mohammad Alblooshi, CEO of the DIFC Innovation Hub, detailed that he was optimistic about attracting innovation to the center with this move. He stated:
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.
Furthermore, Alblooshi qualified this move as a milestone for the center to “strengthen Dubai’s position as the business destination of choice for technology-focused companies and attract more world-class talent and diversified investors to the region.”
Dubai has shown its interest in Web3 and other new technologies previously. In March, the Dubai Multi Commodities Centre (DMCC), another free zone in the emirate, signed a series of agreements with Korean Web3 and metaverse companies to bring their activities to the country and expand Dubai’s business in the Web3 industry.
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