On July 18, Dubai Crown Prince and Chairman of the Executive Council Sheikh Hamdan bin Mohammed launched the Dubai Metaverse Strategy, which envisions the sector will support up to 40 000 additional virtual jobs and companies in the metaverse and blockchain sectors and add $4 billion to the city’s GDP per five years.
The Dubai Metaverse Strategy is a 5-year strategy that will strengthen the Metaverse and Blockchain sectors in the emirate and aims to quintuple the current number of blockchain companies and Metaverses from the current 1 000 to 5 000.
Dubai plans to become No. 1 in the region and develop into one of the ten largest economies in the metaverse in the world.
To achieve this goal, the strategy presented five key areas: promote metaverse innovation and economic contribution; support metaverse talent through education; create ways to use the metaverse and apps in the government of Dubai; scale and promote secure platforms and improve infrastructure and regulation.
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“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-run WAM news agency said.
The Dubai Metaverse strategy aims to build on Dubai’s already achieved success in this direction. So far, Dubai has successfully attracted 1 000 companies in the blockchain and metaverse sector, and these sectors have contributed $500 million to the Dubai economy.
The United Arab Emirates (UAE) is one of the leading countries involved in developing a worldwide strategy to turn the metaverse into a commercial sector shortly.
Dubai offered a digital version of its business license in 2019 and Metaverse Dubai was unveiled to the world on December 27, 2021, as Dubai’s first virtual metropolis.
In May of this year, the Dubai Virtual Assets Regulatory Authority announced that it had become the first regulator in the world to appear in the metaverse, establishing its headquarters there.
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