Dubai has revealed a new initiative to attract artificial intelligence (AI) and Web3 companies to set up shop in the emirate. The Dubai AI and Web 3.0 Campus, a tech hub launched earlier this year, offers specialized commercial licenses for these companies at a 90% subsidy.
The licenses will be issued by the Dubai International Financial Center or the DIFC, a top financial hub in the Middle East.
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Dubai AI and Web 3.0
The Dubai AI and Web 3.0 Campus is equipped with state-of-the-art technologies and facilities, such as:
- AI lab facilities and training programs
- Supporting hardware
- Accelerator programs
- Co-working spaces
The campus will not just support AI innovation. As part of this endeavour, Web3 development and innovation will also take top precedence, especially for those working on blockchain, the Internet of Things (IoT), and the metaverse.
A Trillion Dollar Industry In the Making
With potential contributions of the AI industry amounting to $15.7 trillion by 2030, according to a recent PwC report, it’s projected to boost the GDP of local economies by up to 26%.
In the region, it’s also estimated to create at least 200,000 jobs in the Middle East by 2025.
The Dubai AI and Web 3.0 Campus aims to tap into this potential by forming the largest cluster of tech companies in the MENA region. The campus in Dubai, in particular, is poised to attract over $300 million in capital and create more than 3,000 jobs by 2028.
What are you most looking forward to when the campus launches?