Dubai, the leading cryptocurrency hub in the Middle East, has launched the Dubai Metaverse Strategy, aiming to turn it into one of the top 10 Metaverse economies in the world. According to the strategy, Dubai will provide more than 40,000 virtual jobs related to the Metaverse by 2030.
On 18 July, Emirates News Agency reported on the Dubai Metaverse Strategy launched by Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.
Al Maktoum wants to transform Dubai into a global tech capital with a primary focus on artificial intelligence (AI) and Web3. The Dubai Metaverse strategy is in line with the goals of the United Arab Emirates’ AI strategy, which is to enhance the country’s position as a world leader in the future by investing in new technologies.
The Dubai Metaverse strategy will include research and development (R&D) collaboration to enhance the economic contribution of the Metaverse, use accelerators and incubators to attract companies and projects from abroad, and provide Metaverse to developers, content creators and digital platform users in the Metaverse community Cosmos Education Support.
Within the framework of the strategy, commitments are made to establish new models of government work in the tourism, education, retail, remote work, healthcare and legal sectors. According to reports, the main pillars of the strategy are extended reality, augmented reality (AR), virtual reality (VR), mixed reality and digital twin technologies.
The strategy proposes to drive the full deployment of 5G networks to enable edge computing. This will allow data to be collected, stored and processed through smart devices and local networks rather than the cloud.
According to reports, VR and AR have created 6,700 jobs in the UAE and contributed $500 million to the UAE economy. Globally, Metaverse’s venture capital and private equity financing is worth $13 billion in 2021, while Metaverse’s real estate sales exceeded $500 million last year.
Since the beginning of June, the Dubai Virtual Assets Regulatory Authority (VARA) has issued or extended virtual asset licenses to several key crypto platforms including Crypto.com, Huobi and OKX.
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