Under the directives of First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and President of the Dubai International Financial Centre (DIFC) His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, DIFC, announced it will build the ‘Dubai AI & Web 3.0 Campus’, the largest cluster of Artificial Intelligence and tech companies in the MENA region.
DIFC is ready and set to build the largest cluster of Artificial Intelligence and tech companies in the MENA region. The Dubai AI & Web 3.0 Campus will open its doors at the DIFC Innovation One premises, with ambitious plans to expand into a dedicated campus spanning over 100,000 sq. ft. in the next 5 years. The Dubai AI & Web 3.0 Campus will focus on the use of AI and Web 3.0 in the financial services industry, it will be home to teams of visionary entrepreneurs, disruptors and engineers who possess a deep passion for emerging technologies. The Dubai AI & Web 3.0 Campus will provide physical and digital infrastructure including R&D facilities, accelerator programmes and collaborative workspaces, to attract, build and scale AI companies.
His Excellency Essa Kazim, Governor of DIFC, said:
“DIFC’s 2030 strategy is central to shaping the future of finance and innovation. AI is expected to inject AED 103bn into the UAE economy by 2035 and contribute 14 per cent to the country’s GDP by the end of the decade. The Dubai AI & Web 3.0 Campus will therefore significantly contribute to this growth as a global nexus for R&D, investment, and innovation, set to attract over USD 300mn in collective funds, 500+ global AI and Web 3.0 start-ups, and create 3000+ jobs by 2028.”
DIFC’s 2030 strategy is centred around driving the future of finance through cutting-edge technology, innovation, and partnerships. DIFC’s Innovation Hub offers one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulations, innovative accelerator programmes and funding for growth-stage start-ups. FinTech and Innovation is the fastest growing sector in DIFC with 686 associated firms in the Centre who fund-raised over USD 615mn during 2022.
The Dubai AI & Web 3.0 Campus will act as a catalyst for growth, attracting global innovators, start-ups, and industry leaders to establish a vibrant ecosystem of AI-driven initiatives within the region. AI & Web 3.0 companies will also benefit from a sector-specific dedicated licensing and regulatory framework, in addition to leveraging DIFC unique soft infrastructure.
Arif Amiri, Chief Executive Officer, DIFC Authority, said:
“At DIFC we believe that being at the forefront of tech innovation and AI advancement is imperative as we pave the way for a digitally empowered future of finance. The Dubai AI & Web 3.0 Campus will act as a catalyst for growth by attracting global innovators, start-ups, venture capitalists, and industry leaders, as we establish MENA’s largest ecosystem for the AI and Web 3.0 sectors. By nurturing a collaborative environment, the Dubai AI & Web 3.0 Campus will accelerate the development of future-forward technologies and empower organisations to unlock the true potential of AI and Web 3.0.”
DIFC is spearheading the creation of a global ecosystem, the largest in the MENA region for AI and Web 3.0, by fostering cutting-edge technologies and attracting global talent. By seamlessly integrating physical and virtual infrastructures, the Dubai AI & Web 3.0 Campus is on path to emerge as the preferred headquarters for leading AI and Web 3.0 companies and venture capitalists operating in the region.
Featured image credit: Edited from DIFC.
