In a remarkable strategic move, the Dubai International Financial Center (DIFC) has unveiled an innovative initiative – the issuance of targeted special business licenses for Web3 and Artificial Intelligence (AI) companies aiming to establish their operations within the emirate’s boundaries. This initiative comes with an exceptional incentive: providing 90% support for the licensing costs to alleviate the initial financial burden on these ambitious companies.
- Under the banner of this pioneering initiative, DIFC has launched a program extending access to physical offices and collaborative workspaces within the “First Innovation” building – a compelling proposition that beckons innovation-driven companies to thrive and flourish.
- As a prominent financial hub in the Middle East, South Asia, and Africa, DIFC proudly stands with over 25,000 professionals working within more than 2,000 vigorously active registered companies. This strategic move reinforces DIFC’s ambitions not only to ascend to prominence but also to become a prominent hub for Web3 technology and Artificial Intelligence – a testament to Dubai’s steadfast leadership in these cutting-edge fields.
- Only companies aspiring to develop activities encompassing Distributed Ledger Technology (DLT) services, specialized Artificial Intelligence research and consultancy, IT infrastructure development, technology research and development, and public network services will be able to leverage the attractiveness stemming from these supported licenses.
Mohamed Al Blooshi, the Executive Director of Innovation at DIFC, expressed his great optimism in attracting an emerging wave of innovation through the granting of these licenses. His expression encapsulates DIFC’s belief:
“We are confident that through granting these licenses, we will attract more talent and global investments to the region, thereby enhancing a culture of collaboration and innovation.”
Furthermore, Al Blooshi emphasized the significance of this stage for DIFC, underscoring that it paves the way for
“enhancing Dubai’s status as a prime destination for exceptional technology companies, attracting more global talent and diverse investors to the region.”
It hasn’t been long before Dubai showcased its interest in Web3 technology and other emerging technologies. In March, the Dubai Multi Commodities Centre (DMCC) – another free zone in the emirate – signed a series of agreements with Web3 and Metaverse companies from South Korea, indicating Dubai’s aspirations to bolster its position in the Web3 industry and expand its technological footprint.