The Dubai AI and Web 3.0 Campus has unveiled a groundbreaking initiative by announcing the issuance of licenses for artificial intelligence (AI) and Web3 activities. These licenses will encompass a spectrum of services, ranging from Distributed Ledger Technology Services and specialized AI Research & Consultancies to IT infrastructure builders, Technology Research and Development, and Public Networking Services.
The issuance of licenses will be administered by the Dubai International Financial Centre (DIFC), a premier global financial centre in the Middle East, Africa, and South Asia (MEASA) region. The DIFC is renowned for hosting a thriving ecosystem of tech enablers and start-ups within its Innovation Hub.
Licensing for Dubai’s Tech Hub
The Dubai AI and Web 3.0 Campus, a dedicated hub for AI and Web3 innovation, aims to provide cutting-edge physical and digital infrastructure within the DIFC Innovation One premises. This includes state-of-the-art R&D facilities, accelerator programs, and collaborative workspaces, all designed to attract, nurture, and scale businesses in the region. Launched earlier this year, the campus aligns with Dubai’s forward-looking regulatory framework, which is in line with the emirate’s aspiration to emerge as a global leader in AI and Web3.
Industry experts predict remarkable growth in the AI sector, with PwC estimating AI to contribute an impressive USD 15.7 trillion to the global economy by 2030. Likewise, a McKinsey report forecasts the creation of around 200,000 AI-related jobs in the Middle East by 2025. Capitalizing on this trend, the Dubai AI and Web 3.0 Campus is poised to become the largest hub for AI and Web3 companies in the region, attracting an estimated USD 300 million in capital and generating 3,000 jobs by 2028.
Check out Catcoin on CMC
Pioneering Future Technologies
The campus’s significance extends to the Web3 landscape as well, underpinned by underlying technologies such as blockchain, AI, the Internet of Things, and the metaverse. Virtual assets owned in Web3 decentralized infrastructures constituted nearly 40% of the global virtual asset economy in 2021, with the transaction value of these assets projected to reach USD 150 billion to USD 300 billion by 2025, as reported by BCG.
Read More: Binance To Delist SNM, SRM & YFII
Mohammad Alblooshi, CEO of the DIFC Innovation Hub, expressed enthusiasm for the project, stating that the initiative would foster a nurturing environment for business growth and development. The issuance of licenses is anticipated to attract global talent and investment to the region, bolstering Dubai’s reputation as a technology-focused business destination and reinforcing its appeal to world-class talent and diverse investors. This landmark development underscores Dubai’s commitment to technological innovation and its determination to cultivate a culture of collaboration and forward-looking enterprise.