Dubai has announced that it will issue commercial licences to help companies operating in artificial intelligence (AI) and Web3 to set up businesses in the emirate.

The licences, issued by the AI and Web 3.0 Campus through the Dubai International Financial Centre (DIFC), will be 90 per cent subsidised and will support activities to aid the emirate’s push to become a digital society.

The AI and Web 3.0 Campus was launched in June and aims to be the largest cluster of AI and Web3 companies in the Middle East and North Africa region. It has set a goal of attracting more than 500 high-tech companies by 2028, bringing in $300 million in funds and creating more than 3,000 jobs in the next five years.

The campus provides state-of-the-art physical and digital infrastructure within the DIFC Innovation One premises, which includes R&D facilities, accelerator programmes and collaborative workspaces.

AI and Web3 are two of the most promising technologies that are expected to transform various sectors and industries. AI has long been used by businesses and in society, but has gained traction as the digital economy rapidly grows and countries continue to encourage its use. AI is projected to contribute about $15.7 trillion to the global economy by 2030.

Web3, meanwhile, is the new concept of the World Wide Web, with core components including blockchain, decentralisation, openness and greater user utility. The technology is projected to contribute about $15 billion to GCC economies annually by 2030.

Mohammad Alblooshi, chief executive of the DIFC Innovation Hub, said that by granting these licences, they will attract more global talent and investment to the region, and create a culture of collaboration and innovation. He said that the campus will foster a world-class nurturing environment that enables business growth and development.