Masdar City Free Zone Launches AI Business Package for Tech Innovation
Masdar City, a sustainable urban community in the UAE, recently unveiled a new AI business package designed specifically for startups specializing in artificial intelligence. This initiative is part of the collaboration between Masdar City and the Mohamed bin Zayed University of AI (MBZUAI), aimed at fostering AI development within the local area.
Under this arrangement, AI-focused companies can operate within Masdar City, benefiting from a tailor-made package that includes licensing and office space, starting at 12,000 AED per year. To encourage the establishment of AI-oriented startups within the Masdar City Free Zone, an initial two-year 50 percent discount is offered. This plan emerged from a Memorandum of Understanding signed during Abu Dhabi Sustainability Week, involving the Masdar City-based university, Masdar City itself, and Catalyst, the venture arm of Masdar City.
Amier Al Awadhi, the acting director of Masdar City Free Zone, emphasized in a Zawya Press Release article the commitment of the entire zone to innovation. The new business package aims to harness AI’s potential in revolutionizing the tech industry, aligning with the UAE’s objective of bolstering its position as a global tech hub by collaborating with the Mohamed bin Zayed University of Artificial Intelligence.
Sultan Al Hajji, the vice president of public affairs and alumni relations at MBZUAI, highlighted their dedication to supporting a highly skilled pool of AI experts and providing an ecosystem that fuels industry transformation through research.
Besides offering full foreign ownership, complete income tax exemptions, extensive setup assistance through the One-Stop Shop, and additional benefits, the Masdar City Free Zone fosters a specialized environment focused on advancing the success of AI and other tech enterprises.
Steve Severance, Masdar City’s director of growth, emphasized that the city was purpose-built to nurture tech and AI innovations. The cutting-edge facilities provide companies with access to the tech ecosystem, investors, and talent, fostering new breakthroughs in AI within Masdar City.
The community comprises over 1,000 businesses across diverse sectors such as technology, healthcare, mobility, clean and sustainable energy, and the space industry. Key occupants include Siemens Energy, Masdar, G42, Insilico Medicine, the UAE Space Agency, the International Renewable Energy Agency (IRENA), and the Technological Innovation Institute.”
Overall, the article effectively conveys the significance and scope of the AI business package initiative while highlighting Masdar City’s commitment to innovation and technological advancements across various industries.
