The government of Dubai has rolled out a new project dubbed Dubai Metaverse Strategy. The Arabian City aims to become a global hub for the metaverse community by fostering metaverse innovation and economic contribution. With this strategy, the emirate of Dubai is set to support over 40,000 virtual jobs as well as grow the number of metaverse companies in the next five years.
Dubai Metaverse Strategy
In a quest to make Dubai one of the world’s top 10 metaverse economies, the Crown Prince of Dubai and Chairman of Dubai Executive Council, Hamdan bin Mohammed, launched the Dubai Metaverse Strategy on July 18.
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Meanwhile, the development of this strategy began 60 days before the launch date.
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
This initiative is introduced to increase the number of blockchain and metaverse companies present in the emirate of Dubai by five times the present number, by 2027. In turn, about $4 billion is expected to be added to Dubai’s economy by 2027.
To note, over 1,000 metaverse and blockchain companies are currently present in UAE city. Particularly, the Dubai Metaverse Strategy will support more than 40,000 virtual jobs by 2030, per the announcement.
Through this lofty development, metaverse talents will be cultivated through adequate education and training. In other words, the Dubai Metaverse Strategy will introduce educational support for users, developers, and content creators in the metaverse field.
Also, use-cases and applications for the metaverse technology will be developed by the Dubai Government. As revealed in the update, “the strategy will support the development of Web3 technology and its applications to create new governmental work models and development in vital sectors, including tourism, education, retail, remote work, healthcare, and the legal sector.”
Read Also: Dubai School Announces Plan to Accept Tuition Payment in Bitcoin (BTC) and Ethereum (ETH)
Growing Interest in Metaverse Technology
The deep interest in metaverse and blockchain technology from the Arabian city is because of the numerous potential they possess. It is worth noting that the metaverse provides a wide range of economic opportunities. Dubai seeks to leverage this emerging technology to boost its economy.
From the document, “analysts estimate that the metaverse will contribute up to US$5 trillion to the global economy by 2030. The market value of NFTs is expected to reach $80 billion, while consumer spending on in-game purchases is reckoned to reach US$75 billion by 2025.”
Ultimately, the Dubai Metaverse Strategy seeks to develop global standards, infrastructures, and clear regulations to accelerate the adoption of the metaverse technology.
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