Dubai is to issue commercial licences to help companies operating in artificial intelligence and Web3 to set up businesses, as the UAE aims to boost the sectors and attract more investment.
The licences, issued by the AI and Web 3.0 Campus through the Dubai International Financial Centre, will be 90 per cent subsidised and will support activities to aid the emirate's push to become a digital society, the DIFC said on Monday.
These activities will include distributed ledger technology services, specialised AI research and consultancies, IT infrastructure builders, technology research and development, and public networking services.
"We are confident that by granting these licences, we will attract more global talent and investment to the region, and create a culture of collaboration and innovation," said Mohammad Alblooshi, chief executive of the DIFC Innovation Hub.
The campus was launched in June and aims to be the largest cluster of AI and Web3 companies in the Middle East and North Africa region.
It has set a goal of attracting more than 500 high-tech companies by 2028, bringing in $300 million in funds and creating more than 3,000 jobs in the next five years.
"This is a notable milestone for the Dubai AI and Web3 Campus and will strengthen Dubai’s position as the business destination of choice for technology-focused companies and attract more world class talent and diversified investors to the region," Mr Alblooshi said.
AI has long been used by businesses and in society, but has gained traction as the digital economy rapidly grows and countries continue to encourage its use.
Among its most notable applications are for virtual assistants, online shopping, search engines, data analysis, speech and face recognition systems, machine translations, and smart homes.
It has been made more popular by the rise of generative AI, which was brought into the mainstream by ChatGPT, the Microsoft-backed platform from OpenAI that can produce various kinds of data, including audio, code, text and videos.
For businesses, in particular, generative AI’s effect on productivity could add between $2.6 trillion and $4.4 trillion annually, according to a recent study from McKinsey. Fellow consultancy PwC projects AI to contribute about $15.7 trillion to the global economy by 2030.
AI is also tipped to help create about 200,000 jobs in the Middle East by 2025, a report from McKinsey showed.
Web3, meanwhile, is the new concept of the World Wide Web, with core components including blockchain, decentralisation, openness and greater user utility.
The technology is projected to contribute about $15 billion to GCC economies annually by 2030, led by Saudi Arabia, a study from PwC unit Strategy& had shown.
The Dubai AI and Web 3.0 Campus provides state-of-the-art physical and digital infrastructure within the DIFC Innovation One premises, which includes R&D facilities, accelerator programmes and collaborative workspaces.
"The campus will foster a world-class nurturing environment that enables business growth and development," Mr Alblooshi said.
Dubai has also launched several initiatives to support its plans to boost AI's growth.
In June, the Dubai Centre for Artificial Intelligence was launched, with the site to train 1,000 employees from more than 30 government bodies on the uses of generative AI.
In July, it was announced that the emirate will host the Dubai Assembly for Generative AI in October, an event that aims to shape the future of AI and introduce governments and societies to the opportunities it provides.
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A cryptocurrency primer for beginners
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There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine.
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Generational responses to the pandemic
Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:
Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.
Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.
Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
INVESTMENT PLEDGES
Cartlow: $13.4m
Rabbitmart: $14m
Smileneo: $5.8m
Soum: $4m
imVentures: $100m
Plug and Play: $25m
UAE currency: the story behind the money in your pockets
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Killing of Qassem Suleimani
Teams in the EHL
White Bears, Al Ain Theebs, Dubai Mighty Camels, Abu Dhabi Storms, Abu Dhabi Scorpions and Vipers
What is a Ponzi scheme?
A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
LA LIGA FIXTURES
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
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F1 drivers' standings
1. Lewis Hamilton, Mercedes 281
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 222
4. Daniel Ricciardo, Red Bull 177
5. Kimi Raikkonen, Ferrari 138
6. Max Verstappen, Red Bull 93
7. Sergio Perez, Force India 86
8. Esteban Ocon, Force India 56
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
The specs
Engine: 4.0-litre, twin-turbocharged V8
Transmission: nine-speed automatic
Power: 630bhp
Torque: 900Nm
Price: Dh810,000
Killing of Qassem Suleimani
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
