Tuesday, 3 October 2023

Crypto News

Dubai lures AI, Web3 enterprises with 90% subsidized commercial licenses

Dubai lures AI, Web3 enterprises with 90% subsidized commercial licenses

Dubai has started offering commercial licenses to artificial intelligence (AI) and Web3 businesses at a 90% subsidy as it works to create the largest cluster of new-age tech companies in the Middle East and North Africa (MENA) region. 

The Dubai AI and Web 3.0 Campus — an aspiring tech hub — announced the decision to subsidize the licenses for companies willing to set up a base in Dubai, United Arab Emirates. The licenses will be issued by Dubai International Financial Centre (DIFC) as the city eyes an influx of global talent and diversified investors.

DIFC’s newly-launched Innovation One building — physical offices and co-working spaces for registered AI and Web3 enterprises. Source: dubaiaicampus.com

DIFC Innovation Hub CEO Mohammad Alblooshi shared:

“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.”

The campus comes equipped with technologies that complement the crowd it hopes to attract, which includes AI lab facilities and training programs, supporting hardware and accelerator programs.

Dubai’s AI and Web3 license application form. Source: innovationhub.difc.ae 

Enterprises interested in signing up for subsidized commercial licenses will be required to fill up a form. Further investigation from Cointelegraph revealed that the sign-up form did not acknowledge the form submission and redirected the users to the home page at the time of writing.

Related: Binance to offer crypto broker-dealer services in Dubai with new license

In addition to attracting talent, Dubai has also given out operational licenses to crypto exchanges. Earlier in August, Nomura’s crypto arm Laser Digital Middle East FZE obtained an operating license from Dubai’s Virtual Asset Regulatory Authority (VARA).

The new virtual asset service provider (VASP) license would allow Laser Digital to offer broker-dealer and virtual asset management and investment services in the emirate.