The “Dubai AI and Web3 Campus” announced the first “Dubai AI & Web3 Festival” organized by the Dubai International Financial Center (DIFC), the leading global financial hub in the Middle East, Africa and Africa region. South Asia (MEASA), which will take place on September 11 and 12, 2024 in Madinat Jumeirah.
The announcement of the festival complements the strong momentum of the “Dubai AI and Web3 Campus”, which has attracted considerable attention since its inception earlier this year. Under the directives of HH Shaikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and Chairman of the DIFC, the Campus emphasizes the central role that AI and Web3 will play a role in attracting global innovators, start-ups, venture capitalists and industry leaders to the region, WAM reported.
The first event of its kind in Dubai, the ‘Dubai AI and Web3 Festival’ demonstrates the Emirate’s unwavering commitment to showcasing future technologies on the global stage while serving as a catalyst for growth and innovation focused on technology. The extensive event program is designed to address a wide range of topics, from the ethical considerations of AI to the transformative potential of Web3.
A recent PwC study estimates that artificial intelligence (AI) will contribute $15.7 trillion to the global economy by 2030, while another McKinsey report highlights that AI will create around 200,000 jobs in the Middle East alone by 2025. BCG reports that virtual assets held in Web3 decentralized infrastructures represent approximately 40% of the global virtual asset economy in 2021 and the transactional value of virtual assets is expected to be between 150 and 300 billion dollars by 2025.
In line with Dubai’s strategy to promote global competitiveness in innovation, talent acquisition and economic growth, the ‘Dubai AI and Web3 Festival’ will encourage global technology discussions to drive investment, collaboration and innovation. innovation intended to shape the future of technology. The event is expected to attract more than 100 exhibitors and more than 5,000 global industry leaders, policymakers and innovators who will drive conversations about the future of AI and Web3 technologies.
The announcement of the first ‘Dubai AI & Web3 Festival’ follows a series of strategic initiatives brought to market by the DIFC earlier this year.
Launched in August 2023, the Dubai AI & Web3 Campus is the largest dedicated cluster of AI and Web3 companies in the world. The campus is built in line with Dubai’s vision to become the business destination of choice for all technology companies and will cement its position as a torchbearer of innovation and technological integration across all sectors. Housed on 100,000 square feet at DIFC’s Innovation One premises, the campus aims to attract more than $300 million in capital and create more than 3,000 jobs by 2028.
The campus also champions innovation in the region through its AI Transformation Program, an industry-agnostic program open to all companies developing internal AI capabilities. Companies wishing to establish their business at the “Dubai AI & Web3 Campus” can benefit from a 90% subsidized business license.