Dubai, one of the top crypto hubs in the Middle East, unveils the Dubai Metaverse Strategy, which seeks to make it one of the top 10 metaverse economies on the planet.
By 2030, Dubai hopes to support more than 40,000 virtual employment, and this approach supports that goal.
On July 18, the Vice President, Prime Minister, and Ruler of Dubai, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, announced the start of the Dubai Metaverse Strategy.
Al Maktoum wants to turn the emirate into a hub for global technology, with a particular emphasis on Web3 and artificial intelligence (AI).
Dubai Metaverse Strategy aligns with United Arab Emirates AI Strategy goals to strengthen the country's position as one of the world leading countries in investing in new technologies
The Dubai Metaverse Strategy calls for research and development (R&D) partnerships to increase the economic contributions of the metaverse, the use of accelerators and incubators to draw foreign businesses and projects, and support for metaverse education geared toward programmers, content producers, and users of digital platforms in the metaverse community.
The Strategy's framework is expected to result in the development of new governmental work models in the fields of tourism, education, retail, remote work, healthcare, and law.
Extensive reality, augmented reality, virtual reality, mixed reality, and digital twins—virtual versions of physical objects or systems—are believed to constitute its main pillars.
In order to enable edge computing, which would allow data to be collected, stored, and processed locally via smart devices and local networks instead of the cloud, the Strategy recommends encouraging the full deployment of 5G networks.
The statement claims that VR and AR have boosted the UAE's economy by $500 million and added 6,700 jobs.
Real estate sales in the metaverse exceeded $500 million last year, and venture capital and private equity funding in the metaverse collectively reached $13 billion in value in 2021.
The Dubai Virtual Assets Regulatory Authority (VARA) has granted or renewed virtual asset licenses to many significant cryptocurrency platforms, including Crypto.com, Huobi, and OKX, since the beginning of June.