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Dubai has commenced the issuance of commercial licenses for artificial intelligence (AI) and Web3 enterprises at a 90% subsidy as it aims to establish the largest cluster of modern technology firms in the Middle East and North Africa (MENA) region.
The Dubai AI and Web 3.0 Campus — a prospective technology hub — revealed its decision to subsidize licenses for businesses willing to establish operations in Dubai, United Arab Emirates. The licenses will be granted by the Dubai International Financial Centre (DIFC) as the city seeks to attract a wave of global talent and diverse investors.
DIFC’s newly-launched Innovation One building — physical offices and co-working spaces for registered AI and Web3 companies. Source: dubaiaicampus.com
DIFC Innovation Hub CEO Mohammad Alblooshi stated:
“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.”
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The campus is equipped with technologies that align with the audience it aims to draw, which includes AI lab facilities and training programs, as well as supporting hardware and accelerator initiatives.
Dubai’s AI and Web3 license application form. Source: innovationhub.difc.ae
Businesses interested in applying for subsidized commercial licenses will need to complete a form. Further investigation by Cointelegraph found that the sign-up form did not confirm the submission and redirected users to the homepage 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 issued operational licenses to cryptocurrency exchanges. Earlier in August, Nomura’s crypto division Laser Digital Middle East FZE received an operating license from Dubai’s Virtual Asset Regulatory Authority (VARA).
The new virtual asset service provider (VASP) license will enable Laser Digital to provide broker-dealer and virtual asset management and investment services within the emirate.
