Dubai has recently made significant strides in the realm of the metaverse, aligning with its progressive stance on cryptocurrency exchanges and licensing, particularly with platforms like Binance.
The Crown Prince of Dubai, Hamdan bin Mohammed, has unveiled a comprehensive 5-year metaverse strategy for the country, expressing the ambition to position Dubai among the world’s top 10 cities for innovation. The goal is to achieve this by facilitating the establishment of 40,000 virtual business lines.
In his announcement on Twitter, Sheikh Hamdan bin Mohammed highlighted the initiation of a new project aimed at enhancing the prevalence of blockchain technology and the metaverse within the city. Currently, Dubai is host to a thousand companies specializing in the metaverse and blockchain technology.
The Crown Prince articulated the aspiration to elevate this number to 5,000 within the next five years, with the overarching objective of leading the region and securing a position in the top 10 globally in these domains.
$1 billion in 5 years
The project envisions generating an income of $1 billion over the course of 5 years and aims to establish 40,000 new business lines in the city.
The strategic plan encompasses the development of metaverse applications and intends to leverage the benefits of these applications across various government departments.
“New economic opportunities will arise”
Commenting on the matter, Omar bin Sultan Al Olama, the Minister of Artificial Intelligence, Digital Economy, and Remote Work Applications, underscored the significance of integrating the metaverse into crucial sectors. He emphasized that such initiatives, undertaken by both Dubai and the UAE, will positively impact the lives of people in the region.
Moreover, Minister Al Olama highlighted that these strategic moves will transform Dubai into a world-class smart center, offering novel economic opportunities. The Dubai Metaverse Strategy aligns with the objectives of the UAE’s Artificial Intelligence Strategy, emphasizing the necessity of investing in new initiatives to foster the adoption of future technologies and drive digital transformation.
The project aims to support the development of Web3 applications, fostering the creation of new business models in vital sectors such as tourism, education, remote work, health, and law.
Reached $13 billion in 2021
In the statement, highlighting augmented reality and virtual reality as pivotal elements of the metaverse, it was disclosed that Dubai currently hosts 6,700 business lines, contributing $500 million to the UAE.
The announcement indicated an ambitious goal to significantly escalate this figure in the future. Notably, as of 2021, venture capital and private company financing in the metaverse field have surged to $13 billion.
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