Crown Prince of Dubai Announces New Metaverse Strategy

Crown Prince of Dubai Announces New Metaverse Strategy
  • The metaverse would contribute $4 billion to Dubai’s economy in five years.
  • It is hoped that future technologies will be used in Dubai to establish new job models.

A new plan revealed on Monday seeks to make Dubai a worldwide center for the metaverse community and one of the top ten metaverse economies in the world. The Dubai Metaverse Strategy aims to expand on Dubai’s success in engaging over 1,000 blockchain and metaverse enterprises.

Worldwide Leader in the Adoption of Digital Solutions

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, tweeted that the metaverse would sustain 40,000 virtual employment and contribute $4 billion to Dubai’s economy in five years. According to UAE government plans, there should be five times more blockchain enterprises in the country.

This year, Sheikh Hamdan emphasized that the United Arab Emirates has to maintain its position as a worldwide leader in the adoption of digital solutions.

While “investing judiciously in building capabilities and talent in creating the region’s most robust and largest ecosystem for the metaverse community”, Dubai is making “great strides” toward becoming a worldwide testbed for metaverse technology, he added.

It is hoped that future technologies will be used in Dubai to establish new job models in critical areas and to boost regional and global economies. Officials at the Dubai Future Foundation, led by artificial intelligence minister Omar bin Sultan Al Olama, claimed the metaverse would be the driving force behind their attempts to develop creative solutions, touch people’s lives positively, and convert Dubai into one of the world’s brightest centres, creating new economic prospects.

Through R&D cooperation and sophisticated ecosystems, the Dubai Metaverse Strategy intends to nurture innovation, strengthen the metaverse’s economic benefits, and attract firms and projects to Dubai.

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