AI and Web3.0 Hub at DIFC – What We Know So Far
Artificial Intelligence is here to stay! The Dubai International and Financial District (DIFC) has announced the development of a state-of-the-art campus dedicated to emerging technologies. The Dubai AI and Web 3.0 Campus will span over 100,000 sq. ft. and will focus on utilising the mentioned tech financial services. Here is what we know about the upcoming AI and Web 3.0 hub in DIFC.
About the DIFC AI and Web 3.0 Centre
The new tech hub will attract over 500 tech-based companies over the next five years.
According to the Dubai Media Office, this will make it the largest cluster of such companies in North Africa and the Middle East. It will provide entrepreneurs and engineers with the necessary facilities, workspaces and programmes to create and grow companies dedicated to AI.
AI and Web 3.0 Hub Location
The AI and Web 3.0 centre facilities will be established in the Dubai International and Financial District (DIFC) in Dubai — specifically in DIFC Innovation One. DIFC is a leading financial hub near Business Bay and Downtown Dubai.
Contribution to the UAE Economy
The new initiative will facilitate the nation’s economy over the next few years. According to the Governor of DIFC, His Excellency Essa Kazim:
“DIFC’s 2030 strategy is central to shaping the future of finance and innovation. AI is expected to inject AED 103bn into the UAE economy by 2035 and contribute 14% to the country’s GDP by the end of the decade. The Dubai AI & Web 3.0 Campus will therefore significantly contribute to this growth as a global Nexus for R&D, investment and innovation, set to attract over USD 300mn in collective funds, 500+ global AI and Web 3.0 start-ups and create 3,000+ jobs by 2028.”
The onset of COVID-19 has prompted more people to rely on online payment services for e-commerce transactions. The AI and Web 3.0 hub in DIFC will aid in the growth of such dependencies thanks to the district’s unique infrastructure. As per the chief executive of DIFC Authority:
“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.”
According to the Dubai Media Office, over 30 government entities in Dubai have special task forces responsible for using artificial intelligence to transform services and operations. The introduction of the task forces and a recent announcement is among several steps to improve the use of artificial intelligence in the emirate’s public sector.
Frequently Asked Questions
What is Web 3.0?
Web 3.0 is a set of technical applications and values that denote a new era of the World Wide Web. It includes AI as well as connectivity and blockchain.
What will the UAE be like years from today?
You can catch a glimpse of that at the Dubai Museum of the Future. The revolutionary museum explores the future of AI and innovative technologies.
That is all about the AI and Web 3.0 hub in DIFC. Apart from tech, learn about the sustainable developments initiatives by the UAE — a part of the UAE Energy Strategy 2050. Stay tuned to MyBayut for more updates on the latest property news and happenings in the UAE.