Dubai is extending its digital landscape with the announcement of a 90% registration subsidy for web3 and Artificial Intelligence (AI) companies wanting to procure operational licenses in the city. This drive is part of Dubai’s initiative to emerge as the biggest pro-tech hub in the Middle East and North African Region (MENA).
The city’s vision sets a clear roadmap for a bustling tech space, endowing web3 firms, digital asset exchanges and NFT creatives with potent incentives to catalyze innovation. This move is expected to turn the innovative imaginations of the Binance community into reality, for example.
The succor of the discounted licenses will be provided by Dubai International Financial Center (DIFC), a platform known for attracting top-flight talent from the industry. Dubai authorities have underscored the campus’ access to cutting-edge AI systems, state-of-the-art lab innovations, capable of accommodating a surge of companies interested in setting up in the city.
The proposed campus goes beyond being just a technology hub – it will also be a fertile training ground for budding innovators eyeing a career in AI and crypto. With an array of supportive hardware, equipment and funding, Dubai is crafting an ecosystem that is conductive to technological breakthroughs.
CEO of the DIFC Innovation Hub, Mohammed Alblooshi, exuded confidence that offering these licenses would increase talent influx and investment into the region, and promote a culture of collaboration and innovation.
Analyses suggest that by 2025, the hub’s AI outlets will generate close to 200,000 jobs in the Middle East, mirroring the growing global industry.
With Dubai gunning for 3000 jobs and over $300 million worth of investment in the next five years, it looks set for a tremendous technology leap. The city’s Virtual Asset Regulatory Authority (VARA) has already kickstarted the process by issuing licenses to several digital asset exchanges.
The city’s embrace of technology extends to fostering a metaverse environment, attracting an estimated 1000 metaverse firms and blockchain companies thus creating over 40,000 jobs by the end of the decade.
In essence, Dubai charts a forward-thinking path, creating an inviting tech landscape to foster growth and innovation and laying a solid groundwork for a digital future.
Source: Cryptonews
