Dubai Metaverse Strategy aims to contribute $4 billion to economy in 5 years

Dubai Metaverse Strategy will contribute $4 billion to the emirate’s economy within five years, Crown Prince Sheikh Hamdan bin Mohamed said in an announcement on Monday.

Launched by Sheikh Hamdan on Monday, the Dubai Metaverse Strategy also aims to support 40,000 virtual jobs and increase the number of blockchain and metaverse companies five-fold within a five-year timeframe.

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“We launched the Dubai Metaverse Strategy today, 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 in a tweet.

Dubai aims to become one of the top 10 global players in the metaverse economy.

“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,” the Dubai Crown Prince added.

The new strategy aims to foster metaverse innovation and its contribution to the economy, to cultivate metaverse talent through education and training, and to develop metaverse use-cases and applications in the Dubai government.

The strategy supports the development of Web3 technology and its applications to support new use-cases and work models in the government and other sectors which are vital to Dubai’s economy, such as tourism, education, healthcare, and retail, among others.

It also aims to develop global standards in building safe and secure platforms for users and develop metaverse infrastructure and regulations to accelerate the adoption of these technologies, Emirates News Agency WAM reported on Monday.

The strategy will focus on the deployment of immersive reality technologies such as virtual reality, augmented reality, and extended reality.

Responsible for 6,700 jobs and contributing $500 million to the UAE’s economy, VR and AR are two key enablers of the metaverse.

The metaverse provides an array of economic opportunities.

In 2021 alone, the value of venture capital and private equity financing in the metaverse reached $13 billion globally, with metaverse real estate sales of over $500 million.

Analysts estimate that, by 2030, the metaverse will contribute up to $5 trillion to the global economy.

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