Dubai Business License for Artificial Intelligence attracts AI companies
Dubai has introduced a new business license for artificial intelligence (AI) during the second and final day of the Dubai AI and Web 3 Festival.
This license is the first of its kind and aims to attract more AI companies to Dubai.
The festival, held under the guidance of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, brought together over 6,800 participants from more than 100 countries.
Attendees included world leaders, government officials, academics, business leaders, and representatives from AI and Web 3 companies.
While over 100 exhibitors showcased their latest technologies.
Dubai AI Campus Investments will reach $300 Million
During his opening speech on the second day, Arif Amiri, CEO of the Dubai International Financial Centre (DIFC), stated:
“DIFC was established twenty years ago as a forward-looking destination to support Dubai’s economic diversification efforts.
Grounded in global best practices and high-level regulations.
Our culture of innovation forms the foundation for creating the largest financial, business, and emerging tech ecosystem in the region.
‘Dubai AI Campus’ has already attracted over 120 companies, exceeding our initial goal of 75 companies for the first year.
By 2028, we aim to attract over 500 companies, create more than 3,000 jobs.
And also expand ‘Dubai AI Campus’ to over 100,000 square feet, and draw in investments totaling $300 million.”
DIFC World Future Technology Cup
Amiri also announced the immediate launch of Dubai Business License for Artificial Intelligence, the first of its kind, which will help attract more companies to Dubai.
This initiative follows the success of the DIFC’s “Innovation License,” which has attracted over 1,100 companies to the center.
Additionally, the DIFC introduced the concept of “AI as a Service”.
That will assist companies in evaluating their AI readiness, identifying opportunities, providing recommendations, developing strategies, and implementing outcomes.
The festival featured a competition for the first-ever World Future Technology Cup.
With finalists showcasing their innovations and their potential to transform industries and address urgent global challenges.
The winning company will be announced soon.
Agreements to Support Artificial Intelligence Usage in Business
The agenda of the 2nd day included extensive discussions on topics such as:
Inclusion and diversity, AI decentralization, risk management for AI suppliers, AI regulations, interoperability and predictive modeling.
In addition to AI applications, data visualization, big data processing, data mining, adapting to Web 3.0, governance of generative AI, ethics, compliance, and more.
To further promote the adoption of AI and Web 3 technologies, ‘Dubai AI Campus’ signed several agreements during the festival with entities such as:
Dubai Civil Defence, Holon Solutions, Kearney, Naya One, SIEF, Visa, Warba Bank, and Zurich Insurance.
Global company heads have confirmed that the UAE has succeeded in establishing its leading global position as a major hub for artificial intelligence and a capital of creativity, innovation and technology, in light of its continuous efforts and clear future vision, which aims to… pic.twitter.com/D0F0y6J1pV
— UAE Voice (@uae_voiceeng) September 12, 2024
The first edition of Dubai AI and Web 3 Festival was supported by 30 companies, including founding and supporting partners like:
Dubai Digital Economy Chamber, Holon Solutions, Al-Fardan Exchange, and Hyperfusion.
The second edition of the festival is scheduled for November next year.
As per expectations, it will become one of the largest global events in the field of AI by 2027.
