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Web3 and AI: Dubai Announces Subsidies

Dubai is offering discounted licenses to Web3 and AI companies that want to operate within its borders. The Dubai International Financial Centre and its campus will be responsible for paying 90% of the fees associated with obtaining these licenses. This move is aimed at attracting more businesses in the tech industry and solidifying Dubai’s position as a major global tech hub.

Dubai to Offer Subsidies for Web3 and AI Companies

The Dubai International Financial Centre (DIFC) has introduced special commercial licenses for companies in the Web3 and AI industries who want to start their operations in the emirate. To support these businesses in their initial stages, 90% of the license fees will be covered by subsidies.

The DIFC has announced that licenses will be provided to businesses, granting them access to physical offices and co-working spaces located in the Innovation One building.

According to the UAE Ministry of Economy, the DIFC is one of the largest financial centers in the Middle East, South Asia, and Africa, with more than 25,000 professionals employed across over 2,000 active registered companies.

The DIFC hopes that this move will help to establish Dubai as a prominent hub for Web3 and AI technologies and advance its leadership in the sector.

Becoming a Thriving Tech Hub: Strategies for Success

These license subsidies will only be available to businesses looking to expand their operations in fields like distributed ledger technology (DLT) services, specialized AI research and consultancies, IT infrastructure building, technology research and development, and public networking services.

According to Alblooshi, the decision to do so will enhance Dubai’s position as the preferred business destination for technology-focused companies and attract more diversified investors and world-class talent to the region.

Dubai has already shown interest in Web3 and other advanced technologies, and in March, the Dubai Multi Commodities Centre (DMCC), another free zone in the emirate, made several agreements to bring their operations to the country and expand Dubai’s involvement in the Web3 sector.

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