Dubai Facilitates AI and Web3 Ventures with Subsidized Commercial Licences August 16, 2023 August 16, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsAugust 16, 2023 by Kelly Cromley

Dubai Facilitates AI and Web3 Ventures with Subsidized Commercial Licences

Dubai is set to embark on a groundbreaking initiative to issue commercial licenses, targeted at bolstering businesses operating in the realms of artificial intelligence (AI) and Web3 technology. This strategic move, overseen by the AI and Web 3.0 Campus in collaboration with the Dubai International Financial Centre (DIFC), is geared towards propelling these sectors to new heights while simultaneously attracting enhanced investment.

The licenses, facilitated by the AI and Web 3.0 Campus via the DIFC, are poised to carry a substantial subsidy of 90 percent. This financial support seeks to champion activities that contribute to Dubai’s ambitious endeavor of establishing itself as a digital society. The range of activities encompassed includes services revolving around distributed ledger technology, specialized AI research and consultation, IT infrastructure development, technology research, and innovation, as well as public networking services.

In line with these efforts, the DIFC Innovation Hub’s Chief Executive, Mohammad Alblooshi, expressed confidence in the transformative potential of these licenses. He asserted that the issuance of these licenses would not only attract global talent and investments to the region but also cultivate a culture of collaboration and innovation.

UAE’s Strategic Move Aims to Foster Tech Sectors and Attract Investment

The AI and Web 3.0 Campus, unveiled in June, is positioned to emerge as the Middle East and North Africa’s premier cluster of AI and Web3 companies. Anchored by the ambition to house over 500 high-tech companies by 2028, the campus aims to generate $300 million in funds and create more than 3,000 jobs within the next five years.

This significant development was hailed as a remarkable milestone by Mr. Alblooshi. He underscored the strategic significance of this initiative in bolstering Dubai’s status as the preferred business destination for technology-centric enterprises. The underlying objective is to draw exceptional talent and diverse investors, thereby amplifying the region’s tech ecosystem.

AI has a long-standing presence in business and society, but its significance has soared as the digital economy continues to burgeon and nations proactively endorse its integration. The applications of AI span virtual assistants, e-commerce platforms, search engines, data analysis, voice and facial recognition systems, language translations, and smart homes. Notably, generative AI has surged to prominence, exemplified by ChatGPT, the Microsoft-backed platform developed by OpenAI, capable of generating diverse data types such as audio, code, text, and videos.

Generative AI’s potential to boost productivity, particularly for businesses, holds immense promise. A McKinsey study indicated that generative AI could potentially contribute between $2.6 trillion to $4.4 trillion annually to business productivity. Additionally, PwC’s projections estimate AI to inject about $15.7 trillion into the global economy by 2030, offering a transformative economic stimulus.

In the Middle East, AI’s influence is poised to extend beyond economics, creating around 200,000 jobs by 2025, according to a McKinsey report. Web3, a novel concept underpinning the World Wide Web, emphasizes blockchain, decentralization, openness, and enhanced user utility.

The Dubai AI and Web 3.0 Campus, housed within the DIFC Innovation One premises, fosters a dynamic environment for tech innovation. It features cutting-edge physical and digital infrastructure, including research and development facilities, accelerator programs, and collaborative workspaces. Alblooshi emphasized that this nurturing environment is poised to propel business growth and development, offering a world-class space for innovation.

This strategic push to fuel AI’s growth isn’t Dubai’s sole endeavor. Earlier this year, the Dubai Centre for Artificial Intelligence was established with the mission to train over 1,000 employees from more than 30 government bodies on the utilization of generative AI. Additionally, the upcoming Dubai Assembly for Generative AI, slated for October, is set to play a pivotal role in shaping the future of AI and acquainting governments and societies with its vast potential.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.