Dubai International Financial Centre (DIFC) has unveiled plans to construct the ‘Dubai AI & Web 3.0 Campus,’ which aims to become the largest cluster of artificial intelligence and tech companies in the MENA region. This ambitious project, initiated by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, will occupy over 100,000 sq. ft. within the next five years. Situated at the DIFC Innovation One premises, the campus will focus on leveraging AI and Web 3.0 technologies specifically in the financial services industry.
The ‘Dubai AI & Web 3.0 Campus’ will serve as a hub for visionary entrepreneurs, disruptors, and engineers who possess a strong passion for emerging technologies. It will offer state-of-the-art physical and digital infrastructure, including research and development facilities, accelerator programs, and collaborative workspaces. These amenities are designed to attract, nurture, and scale AI companies. The anticipated outcomes of the project include the attraction of over $300 million in collective funds, the establishment of 500+ global AI and Web 3.0 start-ups, and the creation of more than 3,000 jobs by 2028.
Essa Kazim, Governor of DIFC, highlighted the significance of AI in the UAE’s economy, stating that AI is projected to inject AED 103 billion into the country’s economy by 2035 and contribute 14% to its GDP by the end of the decade. The ‘Dubai AI & Web 3.0 Campus’ is expected to play a pivotal role in achieving this growth, positioning itself as a global centre for research, development, investment, and innovation.
As part of DIFC’s 2030 strategy, which focuses on driving the future of finance through cutting-edge technology and partnerships, the ‘Dubai AI & Web 3.0 Campus’ will bolster DIFC’s Innovation Hub, one of the region’s most comprehensive FinTech and venture capital environments. The hub provides an ecosystem that includes cost-effective licensing solutions, tailor-made regulations, innovative accelerator programs, and funding opportunities for growth-stage start-ups. FinTech and Innovation, the fastest growing sector in DIFC, witnessed funds of over $615 million raised within the Centre in 2022, with 686 associated firms.
The ‘Dubai AI & Web 3.0 Campus’ is expected to act as a catalyst for growth, attracting global innovators, start-ups, and industry leaders to establish a vibrant ecosystem of AI-driven initiatives in the MENA region. AI and Web 3.0 companies will benefit from a dedicated licensing and regulatory framework tailored to their sector, in addition to leveraging DIFC’s unique soft infrastructure.
Arif Amiri, CEO of DIFC Authority, emphasized the importance of being at the forefront of tech innovation and AI advancement, as it paves the way for a digitally empowered future of finance. He believes that the ‘Dubai AI & Web 3.0 Campus’ will accelerate the development of future-forward technologies and empower organizations to unlock the true potential of AI and Web 3.0 by fostering a collaborative environment.
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