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Dubai lures AI and Web 3 companies with 90% subsidized commercial licenses

Dubai lures AI and Web 3 companies with 90% subsidized commercial licenses

Dubai lures AI and Web 3 companies with 90% subsidized commercial licenses

  • Dubai announces a 90% discount on commercial licenses for AI and Web 3 companies to attract talent and investments.
  • The Dubai Campus of AI and Web 3 offers advanced facilities to participating companies such as laboratories and training programmes.
  • The emirate is emphasizing its role as an attractive destination for cryptocurrency exchanges by awarding operating licenses to companies such as Laser Digital Middle East.

In a bold move aimed at revolutionizing the technology landscape, Dubai announced a 90% reduction in commercial licenses for companies specializing in artificial intelligence and Web3 technology. Spearheaded by the Dubai Campus for Artificial Intelligence and Web3, the project is seen as a step towards making the emirate a major hub for high-tech companies in the MENA region.

At the heart of this pioneering initiative is the Dubai Campus of AI and Web3, which is the technology hub of the city. By offering subsidized licenses, offered by the Dubai International Financial Center (DIFC), Dubai is seeking to attract international talent and a diverse group of investors. And the matter is not limited to incentives only, as the campus includes modern artificial intelligence laboratories, extensive training programs, and strong acceleration initiatives to support these companies.

However, the road to implementation was not without some obstacles. Cointelegraph revealed technical issues during the registration process for licenses, as users were unexpectedly directed to the home page.

Dubai's interest in technology extends far beyond AI and Web3. The emirate is now considered an attractive area for cryptocurrency exchanges. A notable example is Laser Digital Middle East, a subsidiary of Nomura, which recently obtained an operating license from the Virtual Assets Regulatory Authority, granting it a range of brokerage and investment offering franchises within Dubai.

In conclusion, Dubai's initiative to provide significant commercial licensing support to AI and Web3 companies underscores its vision to be at the forefront of technological advancement in the MENA region. With a combination of incentives, advanced facilities, and a positive attitude towards cryptocurrencies, Dubai is undoubtedly laying the foundations for a future of technological innovation and financial development.