Eyeing to become the largest cluster of artificial intelligence (AI) and tech companies in the MENA region, Dubai International Financial Centre (DIFC) will establish the Dubai AI & Web 3.0 Campus.

The campus will span over 100,000 square feet for entrepreneurs, disruptors, and engineers focusing on using AI and Web3 technologies within the financial services sector.

The campus will offer physical and digital infrastructure, such as R&D facilities, accelerator programs, and collaborative workspaces to attract, build and scale AI companies. Benefits include sector-specific dedicated licensing and regulatory framework and utilizing DIFC’s unique soft infrastructure.

“DIFC’s 2030 strategy is central to shaping the future of finance and innovation. AI is expected to inject $28 billion into the UAE economy by 2035 and contribute 14% to the country’s GDP by the end of the decade,” said Essa Kazim, Governor of DIFC.

He added that the new initiative will attract $300 million in collective funds, more than 500 global AI and Web3 startups, and create over 3,000 jobs by 2028.

Meanwhile, Arif Amiri, CEO of DIFC Authority, commented that the campus will act as a “catalyst for growth for attracting global innovators, startups, venture capitalists, and industry leaders, as we establish MENA’s largest ecosystem for the AI and Web3 sectors.”

The fastest growing sector in DIFC is fintech and innovation, which raised over $615 million in 2022.