Dubai is seeking to break into the world’s top 10 metaverse economies under a new strategy that envisions the sector supporting as many as 40,000 additional virtual jobs and adding $4 billion to the city’s GDP in five years.
The government aims to develop global standards in building safe and secure platforms for users and develop infrastructure and regulations to accelerate the adoption of these technologies, state-run WAM news agency said.
The plan, launched by Dubai Crown Prince Sheikh Hamdan bin Mohammed, aims to support the government’s goal of increasing the number of blockchain companies by five times in five years. Dubai is already home to over 1,000 companies in the metaverse and blockchain sector, which contributes $500 million to the national economy, Sheikh Hamdan said.
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
“The strategy emphasizes fostering talent and investing in future capabilities by providing the necessary support in metaverse education aimed at developers, content creators and users of digital platforms in the metaverse community,” WAM said.
The city’s biggest companies are already stepping into the metaverse. Emirates has said it will expand use of the technology, while Damac Group plans to build digital cities. Healthcare firm Thumbay will roll out the a hospital in the metaverse for virtual consultations over the next few months, Khaleej Times reported.
Meanwhile, Dubai has already been trying to attract cryptocurrency companies from around the world. Some of the world’s biggest crypto and fintech firms including Binance and FTX have been granted licenses in the city.