By: 12 September 2023

The licenses will be issued by Dubai International Financial Centre

Dubai launches licenses for fintechs to scale in region

The Dubai AI and Web 3.0 Campus has announced that it is issuing AI and Web3 licenses to support a range of fintech activities.  

The licenses will support distributed ledger technology, AI research, IT infrastructure, and public networking services.  

The license is a 90% subsidised commercial license for enterprises looking to setup in Dubai.  

The licenses will be issued by Dubai International Financial Centre (DIFC), a fintech hub for the Middle East, Africa and South Asia.  

Within the DIFC premises, The Dubai AI and Web3.0 campus was launched earlier this year to provide digital infrastructure to build and scale tech firms.  

Dubai is aiming to become a leader in the AI and Web3 space. The sector already has significant value and is predicted to grow.  

Virtual assets owned in Web3 decentralised infrastructure represented 40% of the virtual-asset global economy in 2021, according to a report by BCG. And the transaction value of virtual assets is said to range between $150b and $300b by 2025.  

PwC estimates that AI will contribute $15.7t to the global economy by 2030. And a report by McKinsey said that AI will create about 200,000 jobs in the Middle East by 2025. 

The new campus is hoping to attract $300m in capital and create 3,000 jobs by 2028, the DIFC said.  

Mohammad Alblooshi, chief executive officer of the DIFC Innovation Hub, said: “The campus will foster a world-class nurturing environment that enables business growth and development.  

“We are confident that by granting these licenses, we will attract more global talent and investment to the region. And create a culture of collaboration and innovation.  

“This is a notable milestone for the Dubai AI and Web3 Campus. It 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.” 

Image: DIFC  

Josh Poyser
Josh Poyser is a junior editor at FinTech Intel.