Dubai’s new metaverse strategy

to add $4bn to the economy and create more than 40,000 jobs


Dubai is home to 1,000 companies that work in the realm of the metaverse and contribute­s $500 million to the economy. By taking the initiative to prepare for the inevitable rise of the metaverse, the nation introduced its integrativ­e plan to encourage users to use this service.

Metaverse is a broad suite of technologi­es that improve and augment how parties and people interact and communicat­e. This network provides 3D virtual worlds that focus on bettering virtual communicat­ions using technologi­es like augmented reality (AR), virtual reality (VR), and blockchain to build spaces that provide a rich virtual experience for users. Metaverse allows for a more personaliz­ed online digital experience through avatars and interactio­ns in the virtual world.

This initiative will make the emirate one of the top 10 cities globally to shape the future of emerging technologi­es. H.H. Sheikh Hamdan added that the plan is to revolution­ize the technologi­cal and economic fields to affect numerous aspects of life in the coming decades.

The government aims to create 40,000 jobs and add $4 billion to the national economy in the coming five years to boost its efforts to tap and harness the emerging interest in digital technologi­es and space. Dubai is already home to over 1000 metaverse-based companies and wishes to increase that number five-fold and double the number of blockchain companies, with this initiative.

The initiative­s poise the UAE to ride on the wave of the global metaverse market is forecasted to exceed

$1.6 billion by 2030, according to Canada-based Precedence Research. One such initiative is the action taken by the nation’s Ministry of State for Digital Economy, AI, and Remote Working System as they signed a preliminar­y agreement with Chainanaly­sis (blockchain data platform) to provide virtual training for

His Highness Sheikh Hamdam tweeted, “Dubai was and will remain a precedent for others globally because H.H. Sheikh Mohammed bin Rashid has proven to the world over and over again the sense of his future and developmen­t vision that made Dubai”

the government’s personnel.

With Web3 innovation­s changing how the economy, government, and society interact in today’s world, Dubai’s Metaverse Staretgy stands to be essential for the nation to realize its goal of becoming one of the leading economies for the metaverse and a hub for the global community.

 ?? ??

Newspapers in English

Newspapers from United Arab Emirates