Dubai is home to 1,000 companies that work in the realm of the metaverse and contributes $500 million to the economy. By taking the initiative to prepare for the inevitable rise of the metaverse, the nation introduced its integrative plan to encourage users to use this service.
Metaverse is a broad suite of technologies that improve and augment how parties and people interact and communicate. This network provides 3D virtual worlds that focus on bettering virtual communications using technologies like augmented reality (AR), virtual reality (VR), and blockchain to build spaces that provide a rich virtual experience for users. Metaverse allows for a more personalized online digital experience through avatars and interactions in the virtual world.
This initiative, tweeted this Monday by the Crown Prince of Dubai, Sheikh Hamdan bin Mohammed stands to make the emirate one of the top 10 cities globally to shape the future of emerging technologies. Sheikh Hamdan also added that the plan is to revolutionize the technological and economic fields to affect numerous aspects of life in the coming decades.
The government aims to create 40,000 jobs and add $4 billion to the national economy in the coming five years to boost its efforts to tap and harness the emerging interest in digital technologies and space. Dubai is already home to over 1000 metaverse-based companies and wishes to increase that number five-fold and double the number of blockchain companies, with this initiative.
The initiatives poise the UAE to ride on the wave of the global metaverse market is forecasted to exceed $1.6 billion by 2030, according to Canada-based Precedence Research. One such initiative is the action taken by the nation’s Ministry of State for Digital Economy, AI, and Remote Working System as they signed a preliminary agreement with Chainanalysis (blockchain data platform) to provide virtual training for the government’s personnel.
With Web3 innovations changing how the economy, government, and society interact in today’s world, Dubai’s Metaverse Staretgy stands to be essential for the nation to realize its goal of becoming one of the leading economies for the metaverse and a hub for the global community.
Sheik Hamdam also tweeted
“Dubai was and will remain a precedent for others globally because [Vice President and Ruler of Dubai Sheikh] Mohammed bin Rashid has proven to the world over and over again the sense of his future and development vision that made Dubai,”