Dubai Aims to Boost Metaverse’s Economic Contribution to €4 Billion by 2030

MetaversePlanet September 7, 2022Last Updated: August 14, 2024

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The Internet of the future, although not yet fully realized, is being shaped within the Metaverse and is poised to soon become a significant part of our lives. Early adopters of the Metaverse are suggesting that now is the time to get involved.

To many, the Metaverse remains an enigma. In simple terms, the Metaverse refers to a computer-generated augmented reality (XR) environment that integrates various aspects of augmented reality, mixed reality, and virtual reality technologies. At present, it primarily comprises spaces where human and automated entities interact.

The global market value of the Metaverse is projected to reach between 10 to 30 trillion euros over the next 15 years. Recognizing the immense potential of this emerging platform, Dubai has set its sights on becoming a global leader in this domain.

Dubai’s Metaverse Strategy aims to elevate the sector’s contribution to the economy to 4 billion euros by 2030. This comprehensive plan encompasses everything from embracing cutting-edge technology trends to generating employment opportunities, thereby bolstering the economy.

Dubai is also exploring the application of Metaverse technologies in various fields. These technologies are expected to enhance surgeons’ performance by 230 percent and engineers’ productivity by 30 percent. The strategy also envisions the creation of about 42,000 virtual jobs.

Companies’ eyes turned to Metaverse

Dubai Aims to Boost Metaverse's Economic Contribution to €4 Billion by 2030

MasterCard’s annual report on digital payments indicates that consumers are adapting well to the changing landscape.

JK Khalil, the Managing Director for MasterCard’s Middle East and North Africa (MENA) region, reports a 67 percent growth in digital payments. Khalil believes that integrating the Metaverse into this existing framework will open up even more opportunities.

“We receive numerous inquiries about the Metaverse from our partners, whether they are fintech companies, merchants, or banks. There’s a shared sense of excitement and curiosity about the Metaverse, leading to very constructive discussions for the future,” he explains.

Research suggests that by 2026, about a quarter of the population will begin spending at least an hour daily in the Metaverse for activities such as work, shopping, education, socializing, or entertainment.

Scopernia, a Dubai-based company, assists brands and organizations in understanding and leveraging new technologies like Web3.0, providing them with opportunities to better reach their customers.