DUBAI, 30th October, 2023 (WAM) — The ‘Dubai AI and Web3 Campus’ today announced the inaugural ‘Dubai AI & Web3 Festival’ organised by Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, which will take place on 11th-12th September 2024 at Madinat Jumeirah.
The festival announcement complements the strong momentum of the ‘Dubai AI and Web3 Campus’, which has garnered significant attention since its establishment earlier this year. Under the directives of H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and President of DIFC, the Campus emphasises the pivotal role that AI and Web3 will play in attracting global innovators, start-ups, venture capitalists, and industry leaders to the region.
A first-of-its-kind event in Dubai, the ‘Dubai AI and Web3 Festival’ is testament to the Emirate’s steadfast commitment to showcasing future-forward technologies on a global stage while serving as a catalyst for tech-driven growth and innovation. The event’s expansive agenda is geared to address an array of topics, ranging from ethical considerations in AI to Web3’s transformative potential.
A recent study by PwC estimates Artificial Intelligence (AI) will contribute US$15.7 trillion to the global economy by 2030, whereas another report by McKinsey highlights AI will create about 200,000 jobs in the Middle East alone by 2025. BCG reports virtual assets owned in Web3 decentralised infrastructures represent about 40 percent of the virtual-asset global economy as of 2021 and that the transaction value of virtual assets is expected to range between $150 billion and $300 billion by 2025.
Essa Kazim, Governor of DIFC, said, “DIFC is committed to providing a future-forward environment that nurtures creativity, fosters collaboration, and empowers individuals to drive meaningful change. The ‘Dubai AI & Web3 Festival’ will explore the limitless potential at the intersection of AI and Web3 technologies by unlocking new avenues for value creation and economic prosperity, which resonates deeply with DIFC’s Strategy 2030 and the Dubai Economic Agenda (D33). In doing so, we are not only shaping the future of talent, technology, and finance, but also reaffirming our commitment to pioneering innovation in the global financial landscape.”
In line with Dubai’s strategy to promote global competitiveness in terms of innovation, talent acquisition and economic growth, the ‘Dubai AI and Web3 Festival’ will encourage global tech discussions to drive investment, collaboration and innovation set to shape the future of technology. The event is expected to attract more than 100+ exhibitors and 5,000+ global industry leaders, policymakers and innovators who will drive conversations on the future of AI and Web3 technologies.
Arif Amiri, Chief Executive Officer, DIFC Authority, commented, “The inaugural ‘Dubai AI & Web3 Festival’ represents DIFC’s ambition to future-proof the Centre’s standing as the leading hub for FinTech and Innovation companies. Growth and innovation require a strong inflow of high-quality human capital, policymakers, tech disruptors and investors. By creating a platform for global collaboration, we are not only advancing the dialogue on AI and Web3, but also paving the way for a digitally empowered future for all.”
The announcement of the inaugural ‘Dubai AI & Web3 Festival’ follows a series of strategic initiatives brought to market by 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 of becoming the business destination of choice for all tech companies and will solidify its position as the torchbearer of innovation and technological integration across all sectors. A 100,000 sq. ft. facility within DIFC’s Innovation One premises, the campus aims to attract over $300 mn in capital and create more than 3,000 jobs by 2028.
The campus also champions innovation in the region through its ‘AI Transformation Programme’, a sector agnostic programme open to all businesses that are developing internal AI capabilities. Companies looking to establish their business at the ‘Dubai AI & Web3 Campus’ can avail a 90 percent subsidised commercial licence.