On 12 September 2024, under the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Higher Committee for Future Technology and Digital Economy, the Dubai AI & Web3 Festival successfully concluded, drawing over 6,800 attendees from more than 100 countries. The two-day festival, organized by the Dubai AI Campus in partnership with the Dubai International Financial Centre (DIFC) and the Minister of State for Artificial Intelligence, Digital Economy & Remote Work Applications Office, showcased the growing commercial potential of AI and Web3 technologies.
The event basically discussed Dubai’s role as a global hub for future-focused industries, attracting government officials, heads of state, business leaders, and academics from around the world. More than 100 exhibitors showcased cutting-edge technologies. A key feature of the event was the announcement of the Dubai AI Licence and the introduction of AI as a Service (AIaaS), both of which aim to attract AI and Web3 companies to Dubai, positioning the emirate as a leader in innovation.
The festival comes at a time when Dubai has rapidly evolved into a global center for business, finance, and emerging technologies. Arif Amiri, CEO of DIFC Authority, noted that since the establishment of DIFC 20 years ago, the center has become a pillar in supporting Dubai’s economic diversification. The Dubai AI Campus, which opened during the festival, has already exceeded its initial targets, attracting over 120 firms in its first year, with plans to grow further in the coming years.
- Dubai AI Licence: DIFC launched the first-of-its-kind Dubai AI Licence, designed to attract AI companies to Dubai, following the success of the DIFC Innovation Licence, which brought over 1,100 businesses to the financial center.
- AI as a Service: DIFC introduced AI as a Service (AIaaS) to help companies assess their readiness for AI adoption, identify opportunities, develop strategies, and implement AI solutions.
- Future Tech World Cup: The festival included the Future Tech World Cup, where AI and Web3 companies competed to showcase innovations that could revolutionize industries. The winner is set to be announced shortly.
The event attracted 6,800 delegates, including government officials, heads of state, academics, and leaders from AI and Web3 firms. 30 companies sponsored the festival, with key partners including Al Fardan Exchange, Holon, and Hyperfusion, and Dubai Chamber of Digital Economy serving as the strategic partner.
Several agreements were signed during the event, including partnerships with Dubai Civil Defence, Holon, Kearney, NayaOne, SIEF, Visa, Warba Bank, and Zurich. These collaborations aim to advance the adoption of AI and Web3 technologies in both public and private sectors.
Critical and Legal Standpoint:
The Dubai AI Licence represents a significant legal development in Dubai’s regulatory framework, offering AI and Web3 companies an opportunity to operate within a favorable and secure legal environment. The introduction of AI as a Service offers an innovative tool for companies to ensure compliance with AI regulations and ethical standards while implementing AI solutions. This reflects Dubai’s forward-looking approach to both technological advancement and regulatory oversight.
DIFC’s role in facilitating the adoption of these technologies is supported by a strong legal and regulatory framework, ensuring that companies operating under the new licence comply with international standards for data privacy, ethics, and transparency. The legal emphasis on risk resilience, vendor management, and governance in AI deployment ensures that businesses adopting AI and Web3 technologies are well-prepared to navigate the complexities of this evolving landscape.
