AI and Web3.0 Hub at DIFC: What we know so far
Artificial Intelligence is here to stay! The Dubai International and Financial District (DIFC) has announced the development of a state-of-the-art campus dedicated to emerging technologies. The Dubai AI and Web 3.0 Campus will span over 100,000 sq. ft. and focus on utilising the mentioned tech financial services. Here is what we know about the upcoming AI and Web 3.0 hub in DIFC.
About the DIFC AI and Web 3.0 Centre
The Dubai AI and Web 3.0 Campus DIFC is set to become a major hub for innovation, attracting over $300 million in collective funds, 500+ global AI and Web 3.0 startups and creating 3,000+ jobs by 2028.
The campus will provide state-of-the-art facilities and resources, including R&D facilities, accelerator programs and collaborative workspaces to support the growth and development of AI companies.
This investment in AI and Web 3.0 technologies is expected to drive economic growth and create new opportunities for businesses and individuals in Dubai.
DIFC AI and Web 3.0 Licence
DIFC has rapidly established itself as a leading innovation hub, attracting a diverse range of technology startups. The DIFC Fintech Hive, an accelerator program, has successfully nurtured over 100 fintech companies, and the centre now boasts over 850 innovation licences.
The DIFC offers a supportive environment for startups across various sectors, including fintech, edutech, regtech and other technology-based industries. The focus is on firms with innovative products and services that leverage cutting-edge technologies such as AI, machine learning, blockchain and Web3.
For startups operating in regulated financial services, the Innovation Testing Licence (ITL) provides a controlled environment to test their products with live clients. The ITL, offered by the Dubai Financial Services Authority (DFSA), complements existing regulations while allowing innovative firms to bring their products to market.
AI and Web 3.0 Hub Location
The AI and Web 3.0 centre facilities will be established in the Dubai International and Financial District (DIFC) — specifically in DIFC Innovation One. DIFC is a leading financial hub near Business Bay and Downtown Dubai.
Contribution to the UAE Economy
The new initiative will facilitate the nation’s economy over the next few years.
The onset of COVID-19 has prompted more people to rely on online payment services for e-commerce transactions. The AI and Web 3.0 hub in DIFC will aid in the growth of such dependencies thanks to the district’s unique infrastructure.
According to the Dubai Media Office, over 30 government entities in Dubai have special task forces responsible for using artificial intelligence to transform services and operations. The introduction of the task forces and a recent announcement are among several steps to improve the use of artificial intelligence in the emirate’s public sector.
Frequently Asked Questions
What is Web 3.0?
Web 3.0 is a set of technical applications and values denoting a new World Wide Web era. It includes AI, connectivity and blockchain.
What are the requirements for a DIFC AI and Web 3.0 Centre Licence?
If you want a licence to operate from the Dubai International Financial Centre Artificial Intelligence and Web 3.0 Centre, here are the requirements:
- The entity is prohibited from engaging in financial services or cryptocurrency-related activities, including cryptocurrency exchanges.
- The company must focus on providing technology-based solutions, such as software development, AI, technology research and development and blockchain. The creation of NFTs is allowed, but their sale is prohibited.
- The organisation must have a physical presence within the DIFC. The minimum requirement is to obtain a flexible desk at the Co-Working Spaces.
- The entity’s business activities must be aligned with technology or innovation. The licence is not restricted to a specific sector.
- The company is not permitted to engage in any trading or selling of products.
What will the UAE be like years from today?
You can glimpse the city’s future at the Dubai Museum of the Future. The revolutionary museum explores the future of AI and innovative technologies.
That is all about the AI and Web 3.0 hub in DIFC. Apart from tech, learn about the sustainable development initiatives by the UAE — a part of the UAE Energy Strategy 2050. Stay tuned to MyBayut for more updates on the UAE’s latest property news and happenings.
