Dubai, located in the United Arab Emirates, is now providing a 90% subsidized rate for commercial licenses to AI and Web3 enterprises. This initiative aligns with its aim to establish the largest hub of cutting-edge technology companies in the Middle East and North Africa (MENA) region.
The Dubai AI and Web 3.0 Campus, an ambitious tech center, has revealed its plan to offer these subsidized licenses to companies interested in establishing their presence within the city. The licenses will be granted through the Dubai International Financial Centre (DIFC), as Dubai seeks to attract global talent and a diverse range of investors.
In addition to attracting talent, Dubai has also given out operational licenses to crypto exchanges. Earlier in August, Nomura’s crypto arm, Laser Digital Middle East, obtained an operating license from Dubai’s Virtual Asset Regulatory Authority.The new virtual asset service provider license would allow Laser Digital to offer broker-dealer and virtual asset management and investment services in the emirate.
DIFC Innovation Hub CEO Mohammad Alblooshi shared:
“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.”
The campus comes equipped with technologies that complement the crowd it hopes to attract, which includes AI lab facilities and training programs, supporting hardware and accelerator programs.
Companies interested in availing the benefits of subsidized commercial licenses are required to complete a designated form. However, upon closer examination by Cointelegraph, it was uncovered that the form submission did not receive acknowledgment and, at the time of writing, users were being redirected to the homepage.
In addition to attracting talent, Dubai has also given out operational licenses to crypto exchanges. Earlier in August, Nomura’s crypto arm, Laser Digital Middle East, obtained an operating license from Dubai’s Virtual Asset Regulatory Authority.
The new virtual asset service provider license would allow Laser Digital to offer broker-dealer and virtual asset management and investment services in the emirate.