Masdar City Free Zone: Specialized AI business collection introduced
A new licensing package for startups and businesses specializing in artificial intelligence (AI) has been made available by the Masdar City Free Zone
The bundle is a component of an initiative by Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) and Masdar City to hasten the expansion of AI in the area.
Any size AI-focused company can set up shop in Masdar City with a customized package that starts at AED 12,000 per year and includes office space and licensing. For the first two years of business, MBZUAI instructors and students who want to launch an AI company in the Masdar City Free Zone will get a 50% discount.
The initiative is the result of an agreement between Masdar City, the university located there, and The Catalyst, its venture capital division, which makes investments in clean technology start-ups, which was struck during Abu Dhabi Sustainability Week.
Acting Director of the Masdar City Free Zone Amier Al Awadhi declared, "The Masdar City Free Zone is dedicated to innovation." "This new bundle will assist us in using AI's ability to automate, adapt, and personalize the tech sector. We're collaborating with Mohamed bin Zayed University of Artificial Intelligence to expand and build even more cutting-edge ventures and initiatives that will strengthen the UAE's standing as a major hub for international technology."
"Our commitment is to cultivate a talent pipeline rich in advanced AI expertise, in keeping with MBZUAI's visionary mission to support Abu Dhabi's efforts in becoming a hub for AI start-ups and towards a knowledge-based economy." Sultan Al Hajji, vice president of public affairs and alumni relations at MBZUAI, stated, "Our goal is to create a thriving ecosystem where cutting-edge research supports start-ups with the potential to transform industries and shape a brighter future for society."
The Masdar City Free Zone offers a range of benefits, including complete set-up support via the One-Stop Shop, 100% foreign ownership, income tax exemptions, and other advantages that are specifically tailored to support the growth of AI and related tech enterprises.
Currently, the Masdar City Free Zone is home to more than 1,000 companies ranging in size from start-ups to multinationals across a wide range of industries, including clean energy, technology, health care, mobility, sustainability, and space. In honor of COP28, the Zone is providing 50% off on registration, licensing, and leasing expenses.