Dubai Unveils Metaverse Strategy, Aims to Attract Over 1,000 Firms
The strategy is expected to support the creation of more than 40,000 virtual jobs by 2030.
Leaders of Dubai want the most populous city in the United Arab Emirates (UAE) to become one of the world’s top 10 metaverse economies.
- The Dubai Metaverse Strategy, launched on Monday, aims to attract more than 1,000 blockchain and metaverse companies to the city as well as support more than 40,000 virtual jobs by 2030, according to an announcement published on the UAE official news agency WAM.
- "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," the announcement said.
- His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, crown prince of Dubai and chairman of the Dubai Executive Council, unveiled the metaverse strategy. It was designed in line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai.
- The metaverse is expected to drive the UAE’s efforts to "provide innovative solutions, positively impact people’s lives, and transform the city into one of the smartest hubs worldwide offering new economic opportunities," according to Omar bin Sultan Al Olama, UAE minister of state for artificial intelligence and digital economy.
- According to the announcement, virtual reality (VR) and augmented reality (AR), which facilitate the metaverse, are currently responsible for 6,700 jobs in the UAE, contributing around $500 million to the country's economy.
- A 2020 PricewaterhouseCoopers (PwC) report said that VR and AR technology could add $4 billion to the UAE economy by 2030.
- UAE is the latest jurisdiction to make a big metaverse play. In July, Chinese city Shanghai laid out its own strategy to build a metaverse economy worth 350 billion yuan (US$52 billion) by the end of 2025.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.