Web3 and AI companies seeking to operate in Dubai will be able to obtain commercial licenses at a 90% discount. Such an approach is aimed to help stimulate the development of tech businesses in the region.
The Dubai International Financial Centre (DIFC) announced the decision to subsidize licenses for tech companies willing to establish a presence in the region. Operating permits at a 90% subsidy will be issued to Web3 companies and AI businesses.
The licenses will be given to run operations within the technology hub, Dubai AI and Web 3.0 Campus, whose main purpose is to support innovations in artificial intelligence and Web3. The Campus was launched earlier this year and, with the support of the Emirate government, aims to make the region a global leader in the field. Licenses will only be issued by the DIFC along with physical offices and shared workspaces in the DIFC Innovation One building.
According to Mohammad Alblooshi, CEO of DIFC Innovation One, the discounted licenses for AI and Web3 companies are designed to not only create a favorable environment for business development in the region but also have the potential to attract more global talent and investment to Dubai.
The UAE authorities aim to turn Dubai into a global crypto capital, so the region is actively simplifying conditions for running businesses for crypto companies and developing a regulatory framework for virtual assets.