• Dubai has announced a 90% registration subsidy for web3 and AI companies seeking operational licenses.
• The move is part of the city’s vision to create the largest pro-tech hub in the MENA region.
• Dubai’s Virtual Asset Regulatory Authority (VARA) has given out licenses to several digital asset exchanges and financial institutions.
Dubai Offers Subsidized Licenses to Web3 & AI Companies
Dubai has announced a 90% registration subsidy for web3 and Artificial Intelligence (AI) companies seeking operational licenses in the city as it seeks to create the largest pro-tech hub in the Middle East and North African Region (MENA). Dubbed the Dubai AI and Web3 Campus, it is structured to offer training for young innovators with supporting hardware, equipment, and funding. Mohammed Alblooshi, CEO of the DIFC Innovation Hub noted that they would continue to attract more talent through skill, incentives, and innovation.
Projected Impact of AI Campus
Projected reports around the hub show that the AI outlets will create close to 200,000 jobs in the Middle East by 2025 as the global industry grows in the coming years. Additionally, authorities expect 3000 jobs over five years with over $300 million worth of investment being poured into projects within this period.
Licenses Issued By VARA
In line with its objectives, Dubai’s Virtual Asset Regulatory Authority (VARA) has given out licenses to several digital asset exchanges including offering Binance a Minimum Viable Product license last month. This month, VARA also issued a license to Nomura’s virtual asset arm which will now offer crypto-based brokerage services in Dubai.
Metaverse Plan Launched by Dubai
Apart from issuing licenses for digital assets exchange platforms, authorities have launched an initiative dubbed ‘Metaverse plan’ which seeks to offer NFT creatives multiple incentives while driving innovation in this sector. This project will be executed alongside other initiatives such as Skills Future initiatives specially designed for tech entrepreneurs looking to develop their skillset further while leveraging on technology opportunities available within this space.
Dubai is making strong efforts towards creating a robust tech ecosystem within its jurisdiction offering multiple incentives such as subsidized registration fees & training programs geared towards young innovators looking at making an impact using technology tools available today. The city is expected to remain one of the top hubs for tech investments going forward especially with major players such as Binance & Nomura taking up residency there already.