Dubai Offers Web3 and AI Firms A 90% License Fee Cut, Seeks To Host Largest Tech Firms In MENA
Dubai has announced a 90% registration subsidy for web3 and Artificial Intelligence (AI) companies seeking operational licenses in the city as it seeks to create the largest pro-tech hub in the Middle East and North African Region (MENA).
Dubbed the Dubai AI and Web3 Campus, the city rolled out a vision for its tech space and has so far offered web3 firms ranging from digital asset exchanges, and NFTs creatives multiple incentives to drive innovation in the region.
The subsidized licenses will be issued by the Dubai International Financial Center (DIFC) as it maintains its niche for attracting top industry talent in the past few months.
Authorities in Dubai have stressed that the AI campus comes with state-of-the-art AI systems with lab innovations that can cater to the number of companies willing to move to the city.
In addition, the campus is structured to offer training for young innovators seeking a career in AI and crypto with supporting hardware, equipment, and funding.
Mohammed Alblooshi, CEO of the DIFC Innovation Hub noted that they would continue to attract more talent through skill, incentives, and innovation.
“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.”
Projected reports around the hub show that the AI outlets will create close to 200,000 jobs in the Middle East by 2025 as the global industry grows in the coming years.
The Dubai campus aims to spring up 3000 jobs over the next five years with over $300 million worth of investment in the city.
The city launched its AI and web3 campus early this year with observers lauding the move and its achievements a few months later.
In line with its
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