Dubai International Financial Centre (DIFC), the prominent global financial hub in the Middle East, Africa, and South Asia (MEASA) region, has unveiled plans to establish the “Dubai AI & Web 3.0 Campus,” marking the MENA region’s most extensive cluster of Artificial Intelligence and technology firms.
Over the next five years, the ambitious project aims to expand into a dedicated campus spanning more than 100,000 square feet, located at the DIFC Innovation One premises. The primary focus of the campus will revolve around the utilisation of AI and Web 3.0 technologies within the financial services industry.
The “Dubai AI & Web 3.0 Campus” will serve as a breeding ground for visionary entrepreneurs, disruptors, and engineers who harbor a profound passion for emerging technologies. It will offer world-class physical and digital infrastructure, encompassing research and development facilities, accelerator programs, and collaborative workspaces, with the objective of attracting, nurturing, and scaling 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.”
At the heart of DIFC’s 2030 strategy lies the pursuit of revolutionising finance through cutting-edge technology, innovation, and partnerships. The Innovation Hub within DIFC offers one of the region’s most comprehensive environments for FinTech and venture capital. It encompasses cost-effective licensing solutions, regulations tailored for the purpose, innovative accelerator programs, and funding opportunities for growth-stage start-ups. The FinTech and Innovation sector experienced remarkable growth in DIFC, with 686 associated firms raising over US$615 million in funds during 2022, making it the fastest-growing sector in the Centre.
The establishment of the “Dubai AI & Web 3.0 Campus” aims to serve as a catalyst for growth, attracting global innovators, start-ups, and industry leaders to foster a vibrant ecosystem of AI-driven initiatives in the region. AI and Web 3.0 companies will benefit from a specialised licensing and regulatory framework tailored to their sector, in addition to leveraging DIFC’s unique soft infrastructure.
Arif Amiri, Chief Executive Officer of DIFC Authority, remarked, “At DIFC, we firmly believe that being at the forefront of technological innovation and AI advancement is crucial as we shape the path toward a digitally empowered future of finance. The ‘Dubai AI & Web 3.0 Campus’ will act as a growth catalyst by attracting global innovators, start-ups, venture capitalists, and industry leaders, as we establish the largest ecosystem in the MENA region for the AI and Web 3.0 sectors. By fostering a collaborative environment, the Dubai AI & Web 3.0 Campus will expedite the development of forward-looking technologies and empower organisations to unlock the true potential of AI and Web 3.0.”
DIFC is leading the charge in creating a global ecosystem, the largest in the MENA region, for AI and Web 3.0 technologies, nurturing cutting-edge advancements and attracting top-tier international talent. By seamlessly integrating physical and virtual infrastructures, the Dubai AI & Web 3.0 Campus is positioned to become the preferred headquarters for leading AI and Web 3.0 companies and venture capitalists operating in the region.
