Metaverse News

Dubai crown prince announces metaverse project: $1 billion in 5 years

Now, the metaverse move has come from Dubai, which has recently opened its doors to crypto money exchanges and licensed many exchanges, especially Binance. The Crown Prince of Dubai, Hamdan bin Mohammed, announced that the country has determined a 5-year metaverse strategy and said that they want to make Dubai one of the world’s top 10 cities in terms of innovation by providing 40 thousand virtual business lines.

Dubai crown prince announces metaverse project
Dubai crown prince announces metaverse project

Dubai has launched a new project to increase the presence of blockchain technology and metaverse in the city. Hamdan bin Mohammed, the crown prince of Dubai, announced his “Metaverse strategy” in a statement on his Twitter account.

Sheikh Hamdan bin Mohammed stated that Dubai is currently home to a thousand companies that focus on metaverse and blockchain technology, and their aim is to increase this number to 5 in 5 years, adding that they want to be the first in the region and in the top 10 in the world in this sense.

$1 billion in 5 years

While an income of 1 billion dollars is expected from the project in 5 years, it is aimed to create 40 thousand new business lines in the city. The planning includes the development of metaverse applications and the benefit of government departments from these applications.

“New economic opportunities will arise”

Speaking on the subject, Minister of Artificial Intelligence, Digital Economy and Remote Work Applications, Omar bin Sultan Al Olama, highlighted the importance of integrating the metaverse into vital sectors and said that such moves by both Dubai and the UAE will have a positive impact on the lives of people in the region:

“Furthermore, these steps will transform Dubai into a world-class smart-centre that offers new economic opportunities. The Dubai Metaverse Strategy has parallel objectives with the UAE’s Artificial Intelligence Strategy. Investing in new initiatives is essential for the adoption of future technologies and digital transformation.

The project, which will support the development of Web3 applications to create new business models in vital sectors including tourism, education, remote work, health and law, will also pave the way for the creation of secure platforms at global standards for users.

reached $13 billion in 2021

In the statement, which stated that augmented reality and virtual reality are two important elements of the metaverse, it was stated that there are currently 6700 business lines in Dubai and a contribution of 500 million dollars to the UAE. It was stated that this figure is aimed to increase significantly in the future, and as of 2021, venture capital and private company financing in the metaverse field has increased to 13 billion dollars.

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