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Let there be no doubt, Dubai is set to become one of the world’s top 10 metaverse economies. The largest emirate of the United Arab Emirates, on Monday launched its ‘Dubai Metaverse Strategy’ in which ambitions were outlined.
Dubai plans to bring in over 1,000 blockchain and metaverse companies and support more than 40,000 virtual jobs by 2030.
The announcement published on the UAE official news agency WAM, said:
“This would further boost Dubai’s economy and support the UAE government’s vision of increasing the number of blockchain companies by five times the present number.”
Crown prince of Dubai and chairman of the Dubai Executive Council, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, unveiled the metaverse strategy. The ambitious project was designed following the explicit directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai.
According to Omar bin Sultan Al Olama, the metaverse has the power to “provide innovative solutions, positively impact people’s lives, and transform the city into one of the smartest hubs worldwide offering new economic opportunities.”
Currently, virtual reality (VR) and augmented reality (AR), which are essential in the metaverse, are good for already a staggering 6,700 jobs in the UAE, adding around $500 million to the country’s economy yearly.
UAE is not the first key player in the world economy to make a big move into the metaverse. In July, the Chinese business capital Shanghai presented its plans for 350 billion yuan (US$52 billion) metaverse economy by the end of 2025.