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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

12 months 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

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Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

2 days ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.