According to Cointelegraph, Dubai from the United Arab Emirates will offer commercial licenses to Artificial Intelligence (AI) and Web3.0 businesses. It is expected that it will also imply about 90% subsidy. Supposedly, it works to create a cluster of new-age tech companies in the Middle East and North Africa (MENA) region.
Sources revealed that Dubai AI and Web 3.0 Campus, a tech hub, announced the subsidies for the licenses for companies to be set up in the city. The licenses are expected to be issued by Dubai International Financial Centre (DIFC) and plans to get hold of diversified investors, Cointelegraph added.
“We expect that by granting these licenses, we will attract more global talent and investment to the region and create a culture of collaboration and innovation,” Mohammad Alblooshi, CEO, a DIFC Innovation Hub, explained.
Furthermore, the new virtual asset service provider license is expected to allow Laser Digital to offer broker-dealers. It is believed they will also offer virtual asset management and investment services in the emirate, Cointelegraph concluded.
(With insights from Cointelegraph)
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