Dubai launches a Metaverse strategy that contributes $4 billion to the national economy

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Dubai launches a Metaverse strategy that contributes $4 billion to the national economy

Dubai has released a Metaverse strategy which would add $4 billion to the local economy in five years. The new plan intends to quintuple the number of blockchain and Metaverse companies and create an additional 40,000 virtual jobs.

Dubai Crown Prince Sheikh Hamdan shared that Dubai is already home to over 1,000 companies in Web3, which has contributed $500 million to the UAE’s economy. Dubai aims to become the number one city in the region and among the top ten globally in the most advanced Metaverse economies.

The plan is based on five pillars: fostering Metaverse innovation and economic contribution; cultivating Metaverse talent through training and education; developing Metaverse use-cases and applications in Dubai’s government; global advocation of safe platforms; and infrastructure and regulatory refinement. 

Along with the Dubai Metaverse Strategy, the Museum of the Future will host the Dubai Metaverse Assembly in September 2022.

“The assembly is a global platform for innovators forging the future of the Metaverse. Participants will experience the extraordinarily advanced technology. We harness this promising digital world to be the fastest city to adopt its applications and embrace its potential,” Hamdan revealed additional news.

The UAE has recently launched the first-ever Metaverse hospital, while the Dubai-based airline Emirates is already accepting cryptocurrency payments, has set plans for NFTs, and has invested millions in entering the Metaverse. Yet the UAE city is not the only metropolitan in Asia’s region to bet on the Metaverse: Shanghai has also laid plans to grow a $52 billion Metaverse industry by 2025.

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Agne Cimermanaite

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in Literary Studies from the University of Amsterdam and has an extensive background in writing about a wide range of topics including cybersecurity, travel, art, and culture. She has also volunteered as an editor for the animal rights organization, “Open Cages,” where she helped raise awareness about animal welfare issues. Currently, Agne splits her time between Barcelona, Spain, and Vilnius, Lithuania, where she continues to pursue her passion for journalism. Contact her on [email protected]

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