Dubai’s DIFC to issue artificial intelligence and Web3 licences

Image credit: Dubai Media Office

The Dubai AI and Web 3.0 Campus has announced that it is issuing artificial intelligence and Web3 licences supporting activities ranging from distributed ledger technology services, specialised artificial intelligence research and consultancies, IT infrastructure builders, technology research and development and public networking services.

Artificial intelligence and Web3 licences issued by DIFC

Licences will be issued by Dubai International Financial Centre (DIFC), the financial centre in the Middle East, Africa and South Asia region.

The Dubai AI and Web 3.0 Campus is a dedicated campus for AI and Web3 innovation and will provide physical and digital infrastructure within the DIFC Innovation One new premises, including R&D facilities, accelerator programmes and collaborative workspaces, to attract, build and scale firms in the region.

The campus was launched earlier this year and is supported by Dubai’s regulatory regime aligned with the emirate’s vision of becoming a global leader in AI and Web3.

#Dubai AI and Web 3.0 Campus introduces specialised licensing solutions for tech firms looking to scale their business in the region. Licenses will be issued by @DIFC, which is currently home to an established ecosystem of tech enablers and start-ups at the @InnovHubDIFC.… pic.twitter.com/gt6zFGBA1i

— Dubai Media Office (@DXBMediaOffice) August 15, 2023

The campus will also increase accessibility and participation in Web3 development, backed by a collection of underlying technologies such as blockchain, AI, internet of things and the metaverse.

Virtual assets owned in Web3 decentralised infrastructures represented about 40 per cent of the virtual-asset global economy in 2021, according to a report by BCG, and the transaction value of virtual assets is said to range between $150bn and $300bn by 2025.

Mohammad Alblooshi, chief executive officer of the DIFC Innovation Hub, said: “We are thrilled to announce that we are now granting innovative AI and Web3 companies licences out of DIFC.

The campus will foster a world-class nurturing environment that enables business growth and development.

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.

This is a notable milestone for the Dubai AI and Web3 Campus and 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.”