This Article is From Jul 20, 2022

Dubai Unveils Metaverse Strategy, Aims To Create 40,000 Virtual Jobs

Dubai is already home to nearly 1,000 companies operating in the blockchain and crypto space, adding $500 million to the national economy.

Dubai Unveils Metaverse Strategy, Aims To Create 40,000 Virtual Jobs

Dubai's Museum of the Future will host the Dubai Metaverse Assembly in September.

Dubai has unveiled a new strategy that will see the city create 40,000 jobs using the metaverse and add more than $4 billion to its economy over the next 5 years. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Prime Minister and Crown Prince of Dubai, unveiled the Dubai Metaverse Strategy on July 18, which aims to turn the emirate into a global hub for crypto and blockchain technologies. 

The emirate is already home to nearly 1,000 companies operating in the blockchain and crypto space, adding $500 million to the national economy, Sheik Hamdan said. The plan aims to build global standards over the coming years in order to build safe and secure platforms for investors and users. Updated infrastructure and regulations will help in the adoption of blockchain, crypto, Web 3.0 and metaverse technologies. 

The strategy emphasizes fostering 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, state news agency WAM reported.  

According to WAM, Sheik Hamdan said 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”. 

With analysts estimating 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. 

According to Omar bin Sultan Al Olama, Minister of State for Artificial intelligence, Digital Economy and Remote Work Applications, 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 see a gathering of over 300 experts and 40 specialised organisations to discuss the opportunities offered by the metaverse.

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