Dubai recently put in place a new strategy to promote the creation of new technology enterprises in the MENA area. With a 90% discount on commercial licensing, Dubai is more likely to attract entrepreneurs in the AI and Web3 industries. The ultimate objective of this effort is to become the largest tech hub in this area.
Dubai’s ambitious digital hub has announced plans to subsidize licenses for businesses looking to set up their company base in the city. The Dubai International Financial Centre (DIFC) will issue these licenses in an effort to draw in foreign expertise and a variety of investors to the area.
In a statement, Mohammad Alblooshi, the CEO of DIFC Innovation Hub, expressed confidence that the issuance of these subsidized licenses would effectively draw in a greater pool of international talent and investment to the region, fostering a collaborative and innovative culture.
The Dubai AI and Web3 campus is fully equipped with advanced technologies that perfectly complement the target audience it seeks to attract. These include state-of-the-art AI lab facilities, comprehensive training programs, necessary hardware support, and accelerator programs designed to nurture and accelerate the growth of businesses.
Application forms must be submitted by interested businesses in order to benefit from the commercial license subsidies. Cointelegraph reports that, as of the time of writing, it was observed that the form did not offer any sort of submission acknowledgment and simply routed users to the home page.
Along with this effort to attract talent, Dubai has also started to grant operational licenses to cryptocurrency exchanges. Back in August, Laser Digital Middle East, a division of Nomura’s cryptocurrency division, received a virtual asset service provider license from the Virtual Asset Regulatory Authority in Dubai. With the use of this permit, Laser Digital is allowed to offer investment, management, and brokerage services for virtual assets in the emirate
