Dubai launched a new strategy that aims to turn the emirate into one the world’s top 10 metaverse economies and build “the region’s most robust and largest ecosystem for the metaverse community.”
The strategy will help Dubai realise its ambitions of supporting more than 40,000 virtual jobs by 2030 and aims to build on Dubai’s achievement of attracting more than 1,000 companies in the fields of blockchain and metaverse.
The move will not only boost Dubai’s economy but support the UAE government’s vision of increasing the number of blockchain companies by five times the present number, as per a statement by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai.
Some say being in the metaverse means interacting in cyberspace, while others say it is a 3D model of the internet.
One way of understanding it is that it’s a shared virtual space that exists online and is interactive, immersive and hyper-realistic
According to the statement by the Crown Prince, analysts estimate that the metaverse will contribute up to $5 trillion to the global economy by 2030 and that 59% of global consumers are keen to transition at least one of their everyday activities to the metaverse.
‘Metaverse’ is the future of tech, and Dubai does not want to be left behind
Globally, the value of venture capital and private equity financing in the metaverse reached $13 billion in 2021, while real estate sales in the metaverse surpassed $500 million last year.
Dubai wants to cash in on this, and its strategy supports the development of Web3 technology and its applications to create new governmental work models and development in sectors like tourism, education, retail, remote work, healthcare, and the legal sector.