A recent GlobalData survey found that investors ranked the Middle East as the one of the world’s most attractive region for international expansion projects – ahead of North America and Europe. Notably, the United Arab Emirates (UAE) has emerged as a global business powerhouse, attracting multinational corporations as well as exciting new start-ups. Now completing its transition from an oil-based to a knowledge-based economy, the emirate of Dubai in particular has become a leading centre for innovation in all sectors.
New tech such as artificial intelligence (AI) and Web 3 is set to revolutionise modern business. Dubai International Financial Centre (DIFC) has emerged as the regional tech incubator to beat, helping start-ups in the field gain critical advantages on their competition and connecting them with key investors.
Dubai leads on new tech trends
Dubai’s status as one of the world’s best cities for business has been cemented in recent years. Its economy has demonstrated remarkable resilience during the Covid-19 pandemic and ongoing economic turbulence, making it a prime destination for businesses looking to develop novel technologies.
The Dubai Economic Agenda (D33) has emphasised the Emirate’s commitment to growing a digital economy based on tech innovation. In line with this plan, the Dubai AI Campus was launched in May 2024. Headquartered in DIFC, the Campus is the largest dedicated cluster of AI and advanced tech in the MEASAregion.
As well as nurturing start-ups, the Campus facilitates multinational partnerships with leading tech companies, including Amazon Web Services, HP, Microsoft, Oracle, and Nvidia. Thanks to forward-thinking projects of this kind, it is expected that AI will make of 14% of the UAE’s GDP by 2030.
Dubai is also at the forefront of exploring the possibilities of Web3. This next iteration of the internet is built on blockchain and promises to transition the internet from an information-centric to a user-centric model. By storing data on blockchain, Web3 gives users greater control of their data and decentralises governance of the web.
To accelerate the development of Web3 and AI, DIFC has launched the AI & Web 3.0 Licence, equipping entrepreneurs with the tools they need to thrive. Licence holders gain access to world-class physical and digital infrastructure, including accelerator programmes and collaborative workspaces. Start-ups also benefit from substantial cost savings, with subsidised co-working spaces, discounted visas, and the opportunity to connect with investors and mentors through the Ignyte platform—an inclusive platform designed to help start-ups access savings and expert guidance to scale their growth
The AI & Web3 Licence is expected to boost DIFC’s already dynamic growth. By 2028, it is forecast to attract more than 500 companies, create 3,000 jobs, expand the AI campus to over 100,000 square feet, and bring in $300 million of investment.
A regional centre for novel digital technologies
Other events at DIFC serve to spotlight its AI and Web3 capabilities, while providing opportunities for collaboration and networking. In September 2024, Dubai AI Campus hosted the Dubai AI & Web3 Festival, a two-day event that brought together over 6,800 delegates from more than 100 countries to discuss the commercial possibilities of these technologies. Government officials, academics, and business leaders from across the globe were joined by over 100 exhibitors showcasing cutting-edge emerging technologies.
D33 aims to position Dubai among the top four global financial hubs by 2023. DIFC plays a central role in meeting this target, acting as a secure hub for investors to explore novel tech such as AI and Web3. At the same time, DIFC fosters partnerships between big companies and smaller start-ups, while also providing innovative entrepreneurs in the space with the tools they need to succeed.
An agile and ever-evolving business hub, DIFC’s state-of-the-art infrastructure and robust regulatory framework provides an environment for companies of all sizes to thrive. To learn more, download the free whitepaper below.
