Dubai to get AI and Web 3.0 campus at DIFC
Initiative to bring $300m in collective funds, create over 3,000 jobs in the 5 years
Dubai: Dubai will soon be home to a new AI and Web 3.0 campus, it was announced on Monday.
The ‘Dubai AI & Web 3.0 Campus’ will be built by Dubai International Financial Centre at the DIFC Innovation One premises, and will expand into a 100,000 sqft facility in the next five years.
The campus will focus on the use of AI and Web 3.0 in the financial services industry, and will be home to visionary entrepreneurs, disruptors and engineers who possess a deep passion for emerging technologies. It will provide world-class physical and digital infrastructure including R&D facilities, accelerator programmes and collaborative workspaces, to attract, build and scale AI companies.
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 Dh103 billion 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 significantly contribute to this growth as a global nexus for R&D, investment, and innovation by attracting over $300 million in collective funds, 500+ global AI and Web 3.0 start-ups, and create 3000+ jobs by 2028.”
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 startups. The fastest growing sector in DIFC with 686 associated firms, FinTech and Innovation saw funds of over $615 million raised in the Centre during 2022.
Arif Amiri, CEO, 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.”