Nearly 1,000 companies in Dubai are operating in the blockchain and crypto space at present, accumulating more than $500 million for the national economy.
Dubai has unveiled a new strategy that is expected to support the creation of more than 40,000 jobs using the metaverse and add more than $4 billion to its economy by 2030. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Prime Minister and Crown Prince of Dubai, declared the Dubai Metaverse Strategy on July 18, which aims to turn the emirate into a global hub for crypto and blockchain technologies.
The plan hopes to build global standards over the coming years in order to build safe and secure platforms for investors and users. Reorganized infrastructure and regulations will help in the adoption of blockchain, crypto, Web 3.0, and metaverse technologies.
The strategy emphasizes promoting talent and investing in future capabilities by providing the necessary support in metaverse education aimed at developers, content creators, and users of digital platforms in the metaverse community, according to a report by the state news agency WAM.
WAM also stated that Sheik Hamdan mentions that the plan was critical to continue to solidify Dubai’s “status as a hub offering the most advanced ecosystem for the metaverse and as a frontrunner in adopting digital solutions globally”.
While the analysts estimate that the metaverse would contribute up to $5 trillion to the global economy by 2030, Dubai will focus on extended reality— virtual reality and augmented reality— as a key pillar under the strategic framework. Areas like tourism, education, retail, remote work, healthcare, and the legal sector will be under the focus of new governmental work models.
Omar bin Sultan Al Olama, Minister of State for Artificial intelligence, Digital Economy, and Remote Work Applications, claimed that the metaverse, in particular, would help provide innovative solutions and accelerate Dubai’s transformation as a worldwide new economic opportunity hub.
Dubai’s Museum of the Future will host the Dubai Metaverse Assembly in September. The global event will observe a congregation of over 300 experts and 40 specialized organizations to discuss the openings offered by the metaverse.
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