Gulf Construction Online - DIFC launches plans for largest AI cluster

UAE Focus

The AI campus will be set up at the DIFC Innovation One premises.

DIFC launches plans for largest AI cluster

01 July 2023

Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa, and South Asia region, has announced it will build the largest cluster of Artificial Intelligence and tech companies in the region in the next five years.

Unveiling its ambitious plans, the key financial hub said the Dubai AI & Web 3.0 Campus, to be set up on a 100,000-sq-ft area at the DIFC Innovation One premises, will act as a catalyst for growth, attracting global innovators, start-ups, and industry leaders to establish a vibrant ecosystem of AI-driven initiatives within the region.

The AI & Web 3.0 companies will also benefit from a sector-specific dedicated licensing and regulatory framework, in addition to leveraging DIFC unique soft infrastructure.

The campus will provide world-class physical and digital infrastructure including R&D facilities, accelerator programmes and collaborative workspaces, to attract, build and scale AI companies.

DIFC Governor Essa Kazim said: “DIFC’s 2030 strategy is central to shaping the future of finance and innovation. AI is expected to inject AED103 billion ($28 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 $300 million in collective funds, over 500 global AI and Web 3.0 start-ups, and create over 3000 jobs by 2028,” he stated.

“DIFC’s Innovation Hub offers one of the region’s most comprehensive FinTech and venture capital environments. The fastest growing sector in DIFC with 686 associated firms, FinTech and Innovation saw funds of over $615 million raised in the centre during 2022,” he stated.