News

Dubai To Issue Licenses To Support AI And Web3 Businesses

The licenses will be 90% subsidized and support the emirate’s push to transform itself into a digital society.

Published

1 year ago

August 15, 2023

dubai to issue licenses to support ai and web3 businesses

Dubai will issue commercial licenses to help artificial intelligence and Web3 startups to set up businesses as the UAE aims to attract more investment and further digitize its economy.

The licenses will be issued by the AI and Web 3.0 Campus through the Dubai International Financial Center and will be 90% subsidized, the DIFC said on Monday.

The activities will include AI research and consultancies, IT infrastructure, technology research and development, and public networking services.

“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 and will strengthen Dubai’s position as the business destination of choice for technology-focused companies,” explained Mohammad Alblooshi, chief executive of the DIFC Innovation Hub.

Launched in June, the campus aims to form the largest cluster of AI and Web3 companies in the MENA region. DIFC aims to attract over 500 companies by 2028, bring $300 million in funds, and create more than 3,000 jobs over the next five years.

Also Read: USB-C Will Be Mandatory From 2025 For All Saudi Smart Devices

AI has rapidly gained traction as the digital economy grows and countries continue to encourage its adoption. The technology is already in widespread use for online shopping, search engines, smart homes, data analysis, speech and face recognition systems, and more.

For businesses, AI could add between $2.6 trillion and $4.4 trillion annually, according to a recent study from McKinsey. Web3, meanwhile, encompasses blockchain and general decentralization and is projected to contribute $15 billion to GCC economies annually by 2030.

Related Topics:Artificial Intelligence Dubai Web3

Up Next

StarzPlay Launches Free-To-Play Fantasy Sports Game In MENA

Don't Miss

IDC To Explore Future Of Saudi Digital Economy At CIO Summit

Click to comment

News

1,000 Drones Light The Dubai Sky For AC Milan Celebration

Cyberdrone’s groundbreaking display marked 125 years of AC Milan football club and the 1st-year anniversary of Casa Milan Dubai.

Published

3 days ago

November 21, 2024

Nour Nasir

Cyberdrone, a leading UAV display company based in Dubai, put on a breathtaking drone light show on Monday to honor two significant football milestones: AC Milan’s 125th anniversary and the one-year anniversary of Casa Milan Dubai.

The spectacle involved 1,000 drones working in perfect harmony to project AC Milan’s iconic imagery against the city’s night sky. Highlights included the UAVs synchronizing to form the club’s iconic crest, the signature red and black jersey, and a special emblem marking its 125th year. The intricate performance demanded meticulous planning, not just in terms of choreography, but also in dealing with the necessary permits and logistics.

cyberdrone ac milan dubai

“Our goal was to spotlight AC Milan’s legacy through a stunning visual narrative,” explained Mohamed Munjed Abdulla, Director of Sales at Cyberdrone. “We celebrated the club’s history, its Dubai milestone, and the universal love for football. The show also enhanced AC Milan’s regional presence, growing its fanbase through a cutting-edge, memorable experience. Drone shows are unparalleled in leaving lasting impressions, making them perfect for driving partnerships and growth”.

Also Read: Joby Begins Construction Of Dubai’s First Vertiport For Air Taxis

Greta Nardeschi, AC Milan’s Regional Director for MENA, echoed the sentiment, adding: “Collaborating with Cyberdrone for this 1,000-drone performance allowed us to connect with our fans in innovative ways. It gave us a unique opportunity to surprise and inspire audiences while elevating our Club’s visibility and that of our partners. Cyberdrone truly helped us take AC Milan to new heights”.

This groundbreaking drone display sets a new benchmark for the Middle East’s sports sector, which already contributes around $2.4 billion annually to Dubai’s GDP alone. Sporting events also generate $1.76 billion in revenues across the region, while the MENA’s entertainment sector, valued at $41.13 billion, is growing at 9.41% annually, driven by rapid technological advancements.