DIFC to build ‘Dubai AI & Web 3.0 Campus'

DIFC to build ‘Dubai AI & Web 3.0 Campus'

DUBAI, 19th June, 2023 (WAM) -- Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa, and South Asia (MEASA) region, today announced it will build the “Dubai AI & Web 3.0 Campus”, the largest cluster of Artificial Intelligence and tech companies in the MENA region.

The announcement comes in implementation of the directives of H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and President of DIFC.

With ambitious plans to expand into a dedicated campus spanning over 100,000 square foot in the next five years, the Campus located at the DIFC Innovation One premises will focus on the use of AI and Web 3.0 in the financial services industry.

The “Dubai AI & Web 3.0 Campus” will be home to visionary entrepreneurs, disruptors and engineers who possess a deep passion for emerging technologies. The Campus 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 AED103 billion into the UAE economy by 2035 and contribute 14 percent 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 US$300 million in collective funds, over 500 global AI and Web 3.0 start-ups, and create over 3000 jobs by 2028.”

DIFC’s 2030 strategy is centred around driving the future of finance through cutting-edge technology, innovation, and partnerships. 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 start-ups. The fastest growing sector in DIFC with 686 associated firms, FinTech and Innovation saw funds of over US$615 million raised in the Centre during 2022.

The “Dubai AI & Web 3.0 Campus” will act as a catalyst for growth, attracting global innovators, start-ups, and industry leaders to establish a vibrant ecosystem of AI-driven initiatives within the region. AI & Web 3.0 companies will also benefit from a sector-specific dedicated licensing and regulatory framework, in addition to leveraging DIFC unique soft infrastructure.

Arif Amiri, Chief Executive Officer, DIFC Authority, stated, “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.”

DIFC is spearheading the creation of a global ecosystem, the largest in the MENA region for AI and Web 3.0, by fostering cutting-edge technologies and attracting global talent. By seamlessly integrating physical and virtual infrastructures, the Dubai AI & Web 3.0 Campus is on track to emerge as the preferred headquarters for leading AI and Web 3.0 companies and venture capitalists operating in the region.

DIFC plays a critical role in leading and shaping the future of finance through innovation, sustainability, and inclusivity by creating an environment that fosters growth and development. The 33rd edition of the Global Financial Centre Index rankings classifies Dubai as one of only 10 financial centres in the world as a global leader with a broad and deep offering.