Dubai unveils specialized commercial licenses to attract AI & Web3 enterprises

August 15, 2023 02:15 AM PDT | By Invezz

Dubai unveils specialized commercial licenses to attract AI & Web3 enterprises — Image source: Invezz

Dubai attracts AI and Web3 firms with 90% subsidized certificates

Dubai has revealed plans to subsidize licenses for firms interested in setting up business in the United Arabs Emirates. Dubai International Finance Center will issue the certificate as a forward step to satisfy diversified and global investors.

The tech-focused campus incorporates technologies to attract the masses, including accelerator programs, collaborative workspaces, supporting hardware, and AI lab facilities. Participants can expect a world-class environment that supports business development.

Dubai launched the campus early in 2023 as part of the emirate’s plan to establish itself as a global hub for web3 and AI.

Bolstering the Middle East economy with AI

Reports indicated that artificial intelligence will create around 200,000 employment opportunities in the Middle East by 2025. Moreover, PwC predicts AI will be a $15.7 trillion industry come 2030.

The Dubai AI & Web3 Campus will support this initiative by forming a massive cluster of tech firms in the region to draw capital worth over $300 million and create more than 3,000 jobs come 2028.

Also, the campus will boost participation in web3 through its state-of-art technologies, including the Internet of Things (IoT), the metaverse, blockchain, and AI.

Dubai’s friendly business environment

Furthermore, Dubai has also granted cryptocurrency exchanges operational certificates. The Dubai Virtual Assets Regulatory Authority (VASP) offered Binance a Minimum Viable Product license in late July.

The license allowed Binance to provide various crypto services to institutions and retailers (read more).

Dubai continues to be a global growth bed for Web3 businesses.

They are attracted to the business-friendly environment, comprehensive regulation, access to talent, healthy lifestyle, and growth opportunities.

Building a Web3 company in the UAE is an opportunity and a blessing.
— Ayman Itani (@aymanitani) August 1, 2023

Also, some trusts building a web3 firm in the United Arabs Emirates is a blessing, considering clear regulation, healthy lifestyle, access to talent, and a business-friendly atmosphere.

The post Dubai unveils specialized commercial licenses to attract AI & Web3 enterprises appeared first on Invezz.

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