Key Takeaways
- Dubai's new strategy will provide more than 40,000 jobs by 2030
- VR and AR have boosted the UAE's economy by $500 million and added 6,700 jobs
Dubai is attempting to break into the top ten metaverse economies through a new strategy that envisions the sector supporting up to 40,000 additional virtual jobs and contributing $4 billion to the city's GDP in five years. According to the state-run WAM news agency, the government intends to develop global standards for building safe and secure platforms for users, as well as infrastructure and regulations to accelerate the adoption of these technologies.
The plan, announced by Dubai Crown Prince Sheikh Hamdan bin Mohammed, aims to help the government achieve its goal of tripling the number of blockchain companies in five years. Dubai already has over 1,000 metaverse and blockchain companies.
The emirate of Dubai (UAE) , one of the leading crypto hubs in the Middle East, has launched the Dubai Metaverse Strategy, which aims to make it one of the world's top ten metaverse economies. The strategy supports Dubai's goal of helping more than 40,000 virtual jobs by 2030.
According to the Emirates News Agency, the Dubai Metaverse Strategy was launched on July 18th by Vice President, Prime Minister, and Ruler of Dubai, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.
Al Maktoum hopes to turn the emirate into a global tech capital by focusing on artificial intelligence (AI) and Web3.
The Dubai Metaverse Strategy is consistent with the goals of the United Arab Emirates AI Strategy, which is to strengthen the country's position as one of the world's leaders in futuristic sectors by investing in new technologies
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The Dubai Metaverse Strategy will include R&D collaborations to increase the metaverse's economic contributions, the use of accelerators and incubators to attract companies and projects from around the world, and support for metaverse education aimed at metaverse developers, content creators, and users of digital platforms.
Within the framework of the Strategy, new governmental work models in tourism, education, retail, remote work, healthcare, and the legal sector are expected to be created. Extended reality, augmented reality (AR), virtual reality (VR), mixed reality, and digital twins — a virtual representation of an object or system — are said to be its pillars.
To enable edge computing, which would allow data to be collected, stored, and processed locally via smart devices and local networks instead of the cloud, the Strategy recommends encouraging the full deployment of 5G networks.The statement claims that VR and AR have boosted the UAE's economy by $500 million and added 6,700 jobs.
In addition, real estate sales in the metaverse exceeded $500 million last year, and venture capital and private equity funding in the metaverse collectively reached $13 billion in value in 2021. The Dubai Virtual Assets Regulatory Authority (VARA) has granted or renewed virtual asset licenses to many significant cryptocurrency platforms, including Crypto.com, Huobi, and OKX, since June.
Dubai has already made efforts to draw bitcoin firms from around the world. The city has awarded licenses to some of the world's top crypto and fintech companies, including FTX and Binance.
This definitely looks amazing and heightens the need to particpate in the metaverse trend. Do you think Metaverse's place in the future of humanity is deniable or not? Let's know your thoughts in the comment section.
