- A new task force has been set up to track the latest developments in the digital economy.
- Dubai plans to become a key player in the virtual world.
- The move will cement emirate’s status as a key city in the metaverse.
With an aim to leverage opportunities in the metaverse, The Dubai government has decided to form a committed task force that will track and monitor the recent developments in its digital economy.
Twitter post by Dubai Media Office mentioned the same:
.@HamdanMohammed, @MaktoumMohammed review vital technology trends in the metaverse and issued directives to form a task force to track the latest developments in the digital economy. #Dubai https://t.co/oY819Rs5MU pic.twitter.com/lVtk79uYLT
— Dubai Media Office (@DXBMediaOffice) May 19, 2022
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance at a meeting of the Dubai Council, have given the orders to set up the decided task force.
The decision is further a part of the commands given by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. In the earlier meeting of the Dubai Council, he suggested forming a higher committee that will oversee the technological developments in the emirate.
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Sheikh Hamdan has confirmed the commencement of work on the major pillars and objectives of the Dubai Metaverse Strategy. As per the strategy, contribution of the metaverse sector towards Dubai’s economy will be increased to $4bn by 2030. Moreover, its contribution towards Dubai’s GDP will increase to 1 per cent.
The committee is working dedicatedly towards implementing metaverse technologies in a way to enhance the performance of resident surgeons by 230%, boost the productivity of engineers by 30% and support 42,000 virtual jobs.
During the meeting this week, Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, and Chairman of The Dubai Chamber of Digital Economy, emphasized as how Dubai can offer benefits to the metaverse in order to produce business opportunities beyond the physical borders.
Considering the current estimates, business revenues from the metaverse are estimated to increase from $180bn to $400bn by 2025.