Monday, December 5, 2022
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Dubai aims to become a Metaverse hub

According to reports, Dubai has started the process of enhancing people’s lives and providing innovative solutions by presenting itself as the worldwide capital of Web3 through its new blockchain and metaverse technology.

Dubai’s metaverse strategy, which aims to adopt innovative solutions, improve people’s lives, and bring about positive socioeconomic changes, will strengthen regional and global economies in addition to bringing in innovation to draw new businesses and projects to the centre of modern technology city.

The metaverse offers infinite possibilities for conducting digital activities and is thus the future of technology, while the combined experience of augmented reality (AR), virtual reality (VR), spatial computing, and sensory technology has great potential to bring the world to our fingertips.

Helal Saeed Almarri, the chairman of the Virtual Assets Regulatory Authority (VARA), noted:

“Dubai Metaverse Assembly is a flagship launch that signals Dubai’s readiness to move forward with its metaverse strategy – and industry engagement is at the core of its success.”

With over 1,000 firm offices in this sector, the UAE is already a burgeoning place for the metaverse. Dubai’s metaverse strategy aims to target $4 billion of the country’s GDP over the next five years, with over 40,000 virtual jobs in the metaverse and blockchain sectors available by 2030. 

The sector presently contributes approximately $500 million to the UAE’s national economy and is expected to grow significantly in the next few years. Dubai World Trade Center (DWTC) is a comprehensive virtual asset zone.

By 2030, the global market for metaverse will be worth $1.6 trillion. Furthermore, big corporations such as Meta (Facebook), Microsoft, Google, and Nvidia are just a few of the organisations that have made significant investments in the metaverse. Mubadala, one of the world’s largest wealth funds, is also actively investing in blockchain technology.

Dubai, which unveiled its Metaverse Strategy Plan in July, sees it as a first step toward luring new businesses and projects to the city as well as enhancing the local and global economies. Read more about it: Crown Prince of Dubai launches Metaverse Strategy to boost Dubai’s digital economy

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