Dubai to be AI and Web 3.0 development centre

The emirate’s innovation, undertaken against a backdrop of policy uncertainty over the field in countries such as the US, is seen as part of a deliberate strategy to make Dubai a centre for AI and Web 3.0 development.

Last week, the Dubai AI and Web 3.0 Campus announced that it will begin issuing commercial AI and Web 3.0 development licences to support various activities in the field.

The AI and Web 3.0 development licence will be a 90% subsidised licence that will be issued to companies looking to set up their business in Dubai. In addition, the campus will also provide world-class physical and digital infrastructure to technology companies.

Licences will be issued by Dubai International Financial Centre (DIFC) to businesses with offices and co-working spaces located in the Innovation One Centre building.

The projected growth in AI and Web 3.0 investment in the UAE takes on added significance as the largest global consultancy PwC estimates the contribution of AI technologies to the global economy at US$15.7 trillion by 2030.

Representatives of the Campus said that the new licences will be issued to support various activities such as creating services using distributed ledger technology, specialised research and consultancy in artificial intelligence, building IT infrastructure, technology research and development, and data services using public networks.

It is reported that by 2028, the campus plans to attract more than US$300 million in investment and create 3,000 additional jobs.

Source: ARABIAN BUSINESS

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