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Dubai is taking steps to safeguard its position as a global technology hub by offering incentives for Web3 and artificial intelligence (AI) companies. The Dubai International Financial Centre (DIFC) is offering subsidized licenses to companies in these sectors looking to establish a presence in the country. The DIFC will cover 90% of the license costs as part of its strategy to attract more businesses in these growing tech sectors.
Web3 and AI companies that take advantage of this offer will gain access to physical offices and co-working spaces in the Innovation One building, according to an announcement from the DIFC. The licenses are designed to support companies in their early stages, reducing some of the barriers to entry in Dubai’s technology sector.
The UAE Ministry of Economy noted that the DIFC, already one of the largest financial centers in the Middle East, South Asia, and Africa, hosts more than 25,000 professionals working at over 2,000 registered companies. This initiative aims to bolster the DIFC’s status as a hub for the Web3 and AI industries, furthering Dubai’s leadership in these technologies.
Only companies involved in areas such as distributed ledger technology (DLT) services, specialized AI research & consultancies, IT infrastructure building, technology research and development, and public networking services will qualify for these subsidized licenses.
Mohammad Alblooshi, CEO of the DIFC Innovation Hub, expressed optimism that this initiative will draw innovative companies and talent to the center. He remarked:
“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.”
Alblooshi also highlighted this move as a milestone that 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.”
This development comes after Dubai’s demonstrated interest in Web3 and other emerging technologies. In March, the Dubai Multi Commodities Centre (DMCC), another free zone in the emirate, entered into a series of agreements with Korean Web3 and metaverse companies to promote their activities in the country, further expanding Dubai’s footprint in the Web3 industry.