Blockchain & Crypto

Dubai to License AI and Web3 Startups in Subsidised Manner

Dubai International Financial Centre will be issuing artificial intelligence (AI) and Web3 licenses at a 90% subsidy

Dubai to License AI and Web3 Startups in Subsidised Manner

The Dubai AI and Web 3.0 Campus has introduced special artificial intelligence (AI) and Web3-related commercial licenses to startups dealing with Distributed Ledger Technology Services, AI research & consultancies, IT infrastructure development, technology research and development and public networking services.

Companies involved in the given activities and wishing to set up their business in Dubai can get their license with a 90% subsidy.

Licenses will be issued by Dubai International Financial Centre (DIFC) – the leading financial center in the Middle East, Africa & South Asia regulated by the Dubai Financial Services Authority. DIFC represents a special economic zone in Dubai that houses financial institutions and wealth funds.

The Dubai AI and Web 3.0 Campus was launched earlier this year, being supported by Dubai’s industry-leading regulatory regime along with the emirate’s vision of becoming a global leader in AI and Web3. The vision of the Campus is to become the largest cluster of AI & Web3 companies in the region, attracting over $300M in capital and creating 3,000 jobs by 2028.

Mohammad Alblooshi, CEO of the DIFC Innovation Hub, said: “We are thrilled to announce that we are now granting innovative AI and Web3 companies licenses out of DIFC. […] 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. This is a notable milestone for the Dubai AI and Web3 Campus and will 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.”

As we have previously reported, UAE to Establish Blockchain-Based National Carbon Credit System.