Dubai has had amazing new announcements about its development lately and once again, its incredible news!
Dubai just added another feather to its cap when Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, launched the metaverse strategy on Monday, July 18, 2022.
This strategy aims to rank Dubai among the top 10 cities in the world in the sector, and contribute Dh 4 billion to the national economy over five years. The highlight is that it would also be supporting the creation of 40,000 virtual jobs.
Over the next five years, the Dubai Metaverse Strategy will increase the number of companies in Dubai operating in the blockchain, crypto and Metaverse space. According to the details released by Dubai Media Office and HRH Sheikh Hamdan, Dubai is home to more than 1000 companies that already operate in the Metaverse, blockchain and crypto space.
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
“We launched today the Dubai Metaverse Strategy. The next revolution in technological and economic fields will impact all aspects of life during the next two decades. We have 1,000 companies in Dubai currently working in this sector, which contribute $500 million to our national economy. We expect it to rise strongly during the coming period,” Sheikh Hamdan said.
The metaverse is the emerging digital space in which people, represented by avatars or three-dimensional likenesses, can interact in virtual worlds. It is part of Web3, the next evolution of the web, with blockchain, decentralization, openness and greater user utility among its core components.
Pickl! was the first restaurant in the UAE to move into the Metaverse space. The value of the global metaverse market is forecast to exceed $1.6 trillion by 2030.
The metaverse would drive the UAE’s and Dubai’s efforts to provide innovative solutions, positively impact people’s lives and transform the city into one of the smartest hubs worldwide offering new economic opportunities.
These objectives are in line with what His Highness Sheikh Mohammed bin Rashid Al Maktoum aims for the future of Dubai.
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