Dubai government has reviewed vital technology trends in the metaverse and issued directives to form a task force to track the latest developments in the digital economy.
The move is part of the directives issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, during the previous meeting of the Dubai Council.
His Highness had directed the formation of a higher committee to supervise technological developments in the emirate and oversee developments in the digital economy, contributing to enhancing Dubai’s status as the best city in the virtual space owing to innovative services and its advanced regulatory and legislative framework.
H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council and H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance (MoF), stated that the formation of the higher committee to oversee technological advances in Dubai reflects the farsighted vision of its ruler. The decision would cement Dubai’s status as a key city in the metaverse.
“The directives of His Highness Sheikh Mohammed bin Rashid to form a higher committee to supervise Dubai’s future technological developments reflect the importance of facing the future with an open mind. The move will help us fully understand reality and explore unique ideas that will shape a brighter future for Dubai and the UAE, maximizing future business opportunities.”
Sheikh Hamdan noted that the committee had started work on key pillars and the objectives of the Dubai Metaverse Strategy. Based on data and information, the strategy aims to increase the contribution of the metaverse sector to Dubai’s economy to $4 billion by 2030 and increase its contribution to Dubai’s GDP to 1 percent.
The committee aims to implement metaverse technologies that can help improve the performance of resident surgeons by 230 percent and increase the productivity of engineers by 30 percent, in addition to supporting 42,000 jobs to become virtual.
Earlier this month, Dubai’s Virtual Assets Regulatory Authority (VARA) said it had entered the metaverse with the establishment of its Metaverse HQ, making it the first regulator to have a presence in the emerging digital space.