The United Arab Emirates has planned to issue business licenses to organisations that specialise in Web 3.0 and artificial intelligence (AI) technologies. The city intends to provide a significant 90 per cent subsidy along with these licenses in an effort to create a cluster of next-generation tech businesses throughout the Middle East and North Africa (MENA) area.
This programme was launched by the innovation centre Dubai AI and Web 3.0 Campus to assist newly established companies in the city. The licenses are designed to draw a range of investors to the area and are anticipated to be administered by the Dubai International Financial Centre (DIFC).
Mohammad Alblooshi, CEO of the DIFC Innovation Hub, emphasised the significance of these licenses, expressing, “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.”
The move intends to promote innovation and growth within these tech industries, reflecting the rising appreciation of the potential that Web3.0 and AI technologies represent.