The Crown Prince of Dubai, Sheikh Hamdan bin Mohammed, announced the launch of the “Dubai Metaverse Strategy”, an ambitious project that seeks to place Dubai among the top 10 metaverse economies globally and the first in its region.
State news agency WAM said the government’s vision for the strategy will see the metaverse sector support up to 40,000 additional virtual jobs and generate up to $4 billion for the city’s GDP by 2030. These jobs will mostly be in fields that are the mainstays of the metaverse, including extended, augmented (AR), and virtual (VR) reality.
The plan is also in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Deputy Prime Minister and Ruler of Dubai, to transform the emirate into a world capital of advanced technologies, primarily artificial intelligence (AI) and Web3. It will build on Dubai’s achievement of attracting more than 1,000 companies in the sector that contribute $500 million to the national economy.
“The metaverse is a promising digital world. Our goal is to harness this technology to improve the quality of life in the United Arab Emirates and around the world,” said Hamdan bin Mohammed.
Bloomberg adds that the metaverse strategy is part of Dubai’s plan to develop global standards in building secure platforms and technological infrastructure for users, as well as regulations to accelerate the adoption of these technologies.
Following the launch of the strategy, Hamdan bin Mohammed also announced a global event called “Dubai Metaverse Assembly” to bring together metaverse experts. The event will take place in September at the Museum of the Future and will be organized by the Dubai Future Foundation (DFF).
The event will see more than 300 regional and international experts participate in sessions that highlight three main themes: educate, inspire and contribute. The education track will consist of in-depth sessions on the metaverse, the inspiration will showcase use cases across different industries, while the contribution sessions will include workshops on envisioning the metaverse.
Metaverse Adoption Grows Among Governments
The initiative is Dubai’s latest move related to the metaverse. Previously, the Dubai Virtual Assets Regulatory Agency (VARA) launched a virtual headquarters in the Sandbox metaverse to understand the companies they would be regulating.
Like Dubai, several other governments have plans to adopt metaverse technology. In the announcement of its five-year plan, the city of Shanghai revealed that some technologies it will focus on include the metaverse, NFTs, and blockchain.
Similarly, the South Korean government has budgeted funds to incentivize metaverse startups in the country. To support the government initiative, fintech giant Dunamu has also launched a $385 million investment to create 10,000 Web 3 jobs in the country.
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