This year, DIFC has been responsible for launching major initiatives for the Dubai Universal Blueprint for Artificial Intelligence. Following the launch of these initiatives, which include the Dubai AI Campus and Dubai AI and Web3 Festival, it has become abundantly clear that emerging technologies and the synergy between AI and FinTech are set to play a pivotal role in transforming the world of business and finance as we know it.
The inaugural edition of the Dubai AI and Web3 festival was recently attended by 6,800 visitors from over 100 countries, bringing together global business leaders, government officials, innovators, and some of the world’s brightest minds across the tech spectrum. They met to discuss the industry’s latest developments, and how they can be used to foster greater economic growth and resilience.
Conversations from the festival, and also with clients establishing in the Dubai AI Campus, it is clear that forward-thinking AI and FinTech players seek greater value from the cities they choose to establish in. This is where Dubai has captured the attention of the international tech community. Its business-friendly environment, world-class infrastructure, solid legal and regulatory framework, and strategic foresight to be at the helm of digital innovation, has positioned Dubai as the ideal destination for emerging technology businesses and high-calibre talent.
Resilience in unstable times
Dubai’s remarkable business resilience in a post-COVID world, especially when benchmarked against other major economies which almost came to a complete halt, has solidified the emirate’s reputation as a stable and agile centre for the world’s AI and FinTech community.
In line with the Dubai Economic Agenda D33, Dubai’s leadership has prioritised the growth of its digital economy based on the pillars of knowledge, innovation, and future tech applications. A landmark step towards realising the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to establish Dubai as a global hub for the digital economy, was the launch of the Dubai AI Campus cluster this year, as the largest dedicated cluster of AI and tech companies in the MENA region.
The AI-FinTech connection is expected to set the stage for the next wave of growth in financial services, and Dubai stands committed to delivering a trifecta of experienced human capital, a secure and regulated environment, and access to funding, to drive this transformation.
The UAE’s leadership recognises the value of attracting high-quality human capital, a goal it continues to realise through its burgeoning population, driven in large part by the country’s unmatched lifestyle benefits, zero income tax policy, and long-term residency options. BCG’s Decoding Global Talent 2024 report reinforces Dubai’s appeal for global talent, with the emirate emerging as the third most attractive destination for work, as ranked by respondents who were willing to move to the city.
A trailblazing location
DIFC is leading the way in attracting top global talent across the financial services spectrum to Dubai. Over 44,000 professionals work within DIFC, with many of these skilled individuals employed at the 1,100+ FinTech and innovation companies established in the Centre. DIFC also plays a crucial role in advancing financial innovation through subsidised licences, accelerator programmes, and coworking solutions – all designed to support tech startups and the innovation community in Dubai and the wider region. Additionally, the Dubai AI Campus stands poised to create upwards of 3,000 jobs in the AI and Web3 space by 2028.
In terms of enabling regulation, DIFC has been credited with launching some of the world’s most innovative laws, with the enactment of DIFC’s digital assets law in March being a gamechanger. As the first of its kind to set out the legal characteristics of digital assets as a matter of property law and to provide for how digital assets may be controlled, transferred and dealt with by interested parties, this legislation has provided a new layer of legal certainty for investors, while maintaining a transparent and robust legal and regulatory framework aligned with global best practice. Additionally, the Centre’s data protection laws integrate used of AI systems.
With the Dubai Economic Agenda (D33) targeting to place the emirate among the top four global financial hubs by 2033, the role of Dubai, not only as a regional, but a global hub for FinTech, AI and Web3, will play a significant role in reaching that goal, while continuing to attract like-minded visionaries to share, finance and launch their groundbreaking ideas.
