August 16, 2023

Dubai Offers 90% Subsidies to Web3, AI Tech Companies

Dubai's Burj Khalifa

Dubai’s Burj Khalifa

Dubai started offering 90% subsidies to AI and Web3 tech companies for commercial licenses to attract and support the growth of new-age tech firms in the MENA region.

The Dubai AI and Web 3.0 Campus, a promising tech hub, has recently revealed its plan to offer subsidized licensing for companies interested in establishing a presence in Dubai. These licenses will be provided by Dubai International Financial Centre (DIFC).

This move is expected to further enhance Dubai’s reputation as a leading destination for technology-based businesses and foster growth and innovation in the industry.

In this regard, Chief Executive Officer of the DIFC Innovation Hub, Mohammad Alblooshi, said: “We are thrilled to announce that we are now granting innovative AI and Web3 companies licenses 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.” 

The campus has advanced technologies for diverse needs, including AI labs, training programs, hardware, and accelerator programs. It’s perfect for entrepreneurs and professionals looking to achieve their goals. Enterprises interested in signing up for subsidized commercial licenses must fill out a form.

Earlier in August, Dubai’s Virtual Assets Regulatory Authority (VARA) granted Binance the Operational Minimum Viable Product (MVP) license to provide crypto-related services, approved by the emirate, including exchange and broker-dealer services — initially to institutional and qualified retail investors to become the first crypto exchange in the world to get such a license. 

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