- The Dubai Metaverse Strategy seeks to capitalize on the success of the emirate in luring more than 1,000 businesses in the blockchain and metaverse industries.
- Dubai wants to boost the metaverse’s impact on local and international economies.
- VR and AR enable the metaverse, which supports 6,700 jobs, $500 million in GDP, and $500 million in economic activity in the UAE.
According to a new strategy presented on Monday, Dubai intends to be one of the top 10 metaverse economies and act as a hub for the community globally. The Dubai Metaverse Strategy aims to take advantage of the emirate’s success in drawing over 1,000 companies in the blockchain and metaverse sectors.
The Crown Prince of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, forecasted in a tweet that the metaverse would support 40,000 virtual jobs and generate $4 billion for Dubai over five years. It would also help the UAE government’s objective of increasing the number of blockchain companies.
We launched the Dubai Metaverse Strategy today, which aims to foster innovation in new technology. Dubai is home to over 1,000 companies operating in the metaverse and blockchain sector, which contributes $500 million to our national economy. pic.twitter.com/J1XRmd2ub3— Hamdan bin Mohammed (@HamdanMohammed) July 18, 2022
Sheikh Hamdan emphasized the emirate’s need to keep its “role as a hub supplying the most advanced ecosystem for the metaverse and as a forerunner in adopting digital solutions globally.”
He said that Dubai is making
to solidify its position as a global testbed for metaverse technology while investing carefully in creating capabilities and expertise to create the region’s most robust and largest ecosystem for the metaverse community.
By utilizing cutting-edge technology to create new job patterns in vital industries, Dubai hopes to increase the effect of the metaverse on regional and global economies.
The Dubai Metaverse Strategy aims to create cutting-edge ecosystems through incubators and accelerators that entice firms and projects to Dubai, foster creativity, and raise the metaverse’s economic contributions through R&D partnerships.
The method emphasizes developing talent and investing in future potential by offering crucial support for metaverse education aimed at developers, content creators, and consumers of digital platforms in the metaverse community.
Dubai unveiled its first virtual asset legislation in March 2022. As a result, Dubai has joined the list of places that have implemented cryptocurrency rules, including Singapore, the US, the UK, and El Salvador.
The metaverse is made possible by VR and AR, which together support and creates 6,700 employment and $500 million in economic activity in the UAE. There are many different business prospects in the metaverse. Real estate sales in the metaverse exceeded $500 million last year.