Key Takeaways
- Dubai offers a whopping 90% subsidy on commercial licenses for AI and Web3 companies.
- The city aims to attract a diverse pool of global talent and investors, bolstering its tech ecosystem.
- Amid its tech push, Dubai also awards operational licenses to crypto exchanges.
Dubai is shifting its gears in the tech race, with the recent announcement of offering commercial licenses to AI and Web3 businesses at a staggering 90% discount. This strategic move is designed to position Dubai as the tech epicenter for new-age technology companies in the MENA region.
The Announcement
The subsidy announcement emanated from the Dubai AI and Web 3.0 Campus — a site envisioned to be the nerve center of futuristic technology in the region. The decision to roll out these highly subsidized licenses aims at enticing companies to establish their bases in the heart of Dubai. Spearheading the licensing process will be the Dubai International Financial Centre (DIFC), as the city prepares to welcome an influx of cutting-edge talent and an array of diversified investors.
Mohammad Alblooshi, CEO of DIFC Innovation Hub, exuded confidence in the initiative. He remarked,
“With these license grants, we’re taking a decisive step towards magnetizing global talent and investments. This initiative is a testament to our commitment to fostering a vibrant culture of collaboration and innovation.”
CEO of DIFC Innovation
However, it’s not just the subsidies that make the campus attractive. Dubai AI and Web 3.0 Campus will be armed with state-of-the-art AI lab facilities, comprehensive training programs, robust supporting hardware, and dynamic accelerator programs. Following the announcement of Crypto Expo Dubai, this innovation is indeed one of a kind.
For businesses keen on leveraging these subsidized licenses, the process involves completing a sign-up form. Image attached for reader’s ready reference.
However, as per an investigative scoop by our experts, the current sign-up form appears to be glitched, redirecting users to the homepage post submission. Beyond the realm of AI and Web3, Dubai has also been active in the crypto sphere. A significant move in August saw Nomura’s crypto subsidiary, Laser Digital Middle East FZE, secure an operational license from Dubai’s Virtual Asset Regulatory Authority (VARA). This license solidifies Laser Digital’s foothold in the region, permitting it to provide broker-dealer and virtual asset management services.
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