Dubai unveils new metaverse strategy; Adds $4bn to economy & creates more jobs

By Shilpa Annie Joseph, Official Reporter
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Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council has launched the Dubai Metaverse Strategy as the country continues to boost efforts to tap into the emerging digital space.

The new metaverse strategy aims to create 40,000 jobs and add $4 billion to the emirate’s economy in the next five years.

“We launched the Dubai Metaverse Strategy, 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,” Sheikh Hamdan said.

A metaverse is a network of 3D virtual worlds focused on social connection and it can be defined as a simulated digital environment that uses augmented reality (AR), virtual reality (VR), and blockchain, along with concepts from digital media.

“With the early adoption of metaverse technology, Dubai seeks to become one of the top 10 metaverse economies and a global frontrunner in adopting digital solutions,” Sheikh Hamdan tweeted.

Further, the Crown Prince added that the Dubai Metaverse Strategy would be essential to the emirate’s goals of becoming one of the leading economies for the metaverse and a major center for the global community.

The UAE has taken several major steps to integrate the metaverse and its related technology, including blockchain, cryptocurrencies, and other Web3 innovations, into the economy, government, and society as part of efforts to develop the future economy.

Earlier this month, the UAE’s Ministry of State for Digital Economy, AI, and Remote Working System signed a preliminary agreement with blockchain data platform Chainalysis in order to provide virtual training programs for the country’s government entities.

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