A launch of a new package of licenses for establishing startups and companies focusing on artificial intelligence in the free zone in Masdar City in collaboration with Mohammed bin Zayed University for Artificial Intelligence has been announced.
The aim of the new license package is to accelerate the growth of artificial intelligence in the region and has been designed to attract companies of all sizes, including startups and large technology companies.
When all companies in the field of artificial intelligence are given the opportunity to start operating in Masdar City, they will be provided with a tailored package that includes licensing grants and office spaces for an annual subscription starting from 12,000 dirhams.
Students and faculty members at Mohammed bin Zayed University for Artificial Intelligence, who wish to establish an AI company in the free zone in Masdar City, will receive a 50% discount for the first two years of establishing their businesses.
The free zone in Masdar City provides a conducive environment for the development of artificial intelligence companies and other technology companies as it allows 100% foreign ownership, income tax exemptions, and full support for establishing businesses through a unified services window, in addition to many other privileges.
This program was launched under a memorandum of understanding signed at Abu Dhabi Sustainability Week between the university, Masdar City, and The Catalyst, the investment arm of the city that invests in startups in the clean technology sector.
Officials from Masdar City and Mohammed bin Zayed University for Artificial Intelligence affirmed that the new package will help solidify the UAE’s position as a global hub for artificial intelligence.
This step is a significant move towards boosting the growth of artificial intelligence in the UAE, as the new package provides a favorable environment for companies operating in AI to start and develop their businesses in the UAE.
It is expected that this package will attract more investments in the field of artificial intelligence in the UAE, leading to more job opportunities and economic growth.
Masdar City was established to promote innovation in technology and artificial intelligence, where companies can benefit from state-of-the-art sustainable office, educational, and research facilities, with access to a thriving technological ecosystem of investors and specialized talents.
The InsiliCo Medicine Center, located within the headquarters of the International Renewable Energy Agency (IRENA) in Masdar City, aims to revolutionize drug discovery and development through artificial intelligence technology.
The company Core 42, a subsidiary of Group 42, collaborated with Mohammed bin Zayed University for Artificial Intelligence and Syneprasis Systems to launch GILT, the leading Arabic large-scale language model globally.
Furthermore, the Falcon 180, a large-scale open-source language model honored by The Economist magazine as a competitor to other top industrial AI tools, is housed within the Institute of Technological Innovation in Masdar City.
Currently, the free zone in Masdar City hosts over 1000 companies ranging from startups to multinational companies in dozens of sectors, including technology, healthcare, sustainability, mobility, clean energy, and space. Among the key tenants in the area are Siemens Energy, Masdar Energy, IRENA, the Institute of Technological Innovation, the UAE Space Agency, InsiliCo Medicine, and Group 42.
