UAE steps up AI & web3.0 sector, announces commercial licenses & funds for related companies

As part of the UAE's efforts to advance industries and draw in additional investment, Dubai will grant commercial licenses to assist businesses engaged in Web3 and artificial intelligence in setting up their businesses. 

The Dubai International Financial Centre (DIFC) announced on Monday that the licenses, which are being issued by the AI and web 3.0 Campus, a tech hub, will be 90 percent subsidised and fund initiatives to promote the emirate's goal to become a digital society.  

“We expect that by granting these licenses, we will attract more global talent and investment to the region and create a culture of collaboration and innovation,” Mohammad Alblooshi, CEO of  DIFC Innovation Hub, expressed.

More on the AI and web 3.0 campus 

The said campus was established in June 2023 to become the Middle East and North Africa's largest cluster of AI and Web3 businesses. By 2028, it hopes to draw more than 500 high-tech businesses, raise $300 million in investment capital, and generate more than 3,000 new employment.

Services related to distributed ledger technology, specialised AI research and consulting firms, IT infrastructure builders, technological research and development, and public networking services are only a few of these endeavors.

"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," Mr. Alblooshi said. 

Middle East to grow in AI jobs by 2025 

Businesses and society have always employed AI, but it has recently gained popularity as the digital economy continues to expand quickly and governments continue to support its usage.

Virtual assistants, online shopping, search engines, data analysis, speech and facial recognition systems, machine translation, and smart homes are a few of its more noteworthy applications.
The emergence of generative AI, which was popularised by ChatGPT, the Microsoft-backed OpenAI platform that can generate a variety of data types including voice, code, text, and videos, has increased its popularity. 

According to a McKinsey estimate, AI is also expected to contribute to the creation of roughly 200,000 jobs in the Middle East by 2025.

Meanwhile, Web3, a fresh take on the World Wide Web, emphasises blockchain technology together with decentralisation, openness, and increased consumer value. This technology been further estimated to contribute around $15 billion to the GCC (Gulf Cooperation Council) economy yearly by 2030. 

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