Dubai, the most populous city in the United Arab Emirates has set out the Dubai Metaverse Strategy as it looks to harness the inherent benefits of the metaverse to bolster its ongoing digital economic advancement.
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. pic.twitter.com/J1XRmd2ub3
— Hamdan bin Mohammed (@HamdanMohammed) July 18, 2022
Launched by the City’s crown prince, Hamdan bin Mohammed bin Rashid Al Maktoum, the Dubai Metaverse Strategy looks to add as much as $4 billion to the city’s economy and 40,000 jobs all together. This plan is projected for the next 5 years to 2027.
The Dubai Metaverse Strategy aims to provide a soft landing for crypto and metaverse-linked companies which the city hopes to increase fivefold within the next 5 years. Dubai is already carving out a niche for itself as a go-to region for crypto exchanges looking to pitch their tent within the Middle East.
Through the efforts of the Virtual Assets Regulatory Authority (VARA) to buy land in the Sandbox metaverse, Binance exchange and Crypto.com amongst others have received licenses to operate in the region. Per the $4 billion projection, Dubai would have significantly increased the amount it realizes from crypto firms which are currently pegged at about $500 million annually.
The Dubai Metaverse Assembly
Alongside the Dubai Metaverse Strategy, Price Hamdan bin Mohammed also launched the Dubai Metaverse Assembly, a global event bringing together regional and international experts in Dubai to shape the future of the metaverse and explore its promise and potential applications.
Dubai floated these initiatives in a bid to maintain its position as one of the top ten destinations in the world for metaverse-related innovations.
“The metaverse is a promising digital world. We aim to harness this technology to enhance the quality of life in the UAE and across the globe,” His Highness Sheikh Hamdan who also highlighted that the Dubai Metaverse Assembly embodies the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, for Dubai to become a global hub for innovation and futuristic transformations and a key driver for digital and knowledge-based economies around the world.
“We want Dubai to lead globally in adopting the technology of the future, understanding its developments, harnessing its potential, and driving change.”
The Dubai Metaverse Assembly for this year will be held on the 28 and 29 of this September and will be organized by the Dubai Future Foundation (DFF).
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