Sheikh Mohammed bin Rashid Al Maktoum Launches ‘Dubai Metaverse Strategy’

The emirate of Dubai, one of the main crypto centers in the Middle East, unveils the Dubai Metaverse Strategy, with the goal of becoming one of the world's top ten metaverse economies. The method promotes Dubai's objective of supporting more than 40,000 virtual jobs by 2030.

On Monday, Vice President, Prime Minister, and Ruler of Dubai H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum announced the debut of the Dubai Metaverse Strategy.

Sheikh Hamdan bin Mohammed emphasized the importance of consolidating Dubai's status as a hub offering the most advanced metaverse ecosystem and as a global leader in adopting digital solutions, which reflects His Highness Sheikh Mohammed bin Rashid Al Maktoum's ambitious vision of transforming the emirate into a global capital of advanced technologies, primarily artificial intelligence (AI) and Web3.

Al Maktoum aims to turn the Emirate into a hub for global technology, with a particular emphasis on Web3 and artificial intelligence (AI). The Dubai Metaverse Strategy aligns with the goals of the United Arab Emirates AI Strategy to strengthen the country's position as one of the top nations in emerging industries by 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 attract foreign businesses and projects, and support for metaverse education aimed toward programmers, content producers, and users of digital platforms in the metaverse community.

In order to enable edge computing, which would allow data to be gathered, stored, and processed locally via smart devices and local networks instead of the cloud, the Strategy recommends encouraging the complete implementation of 5G networks.

The statement claims that VR and AR have boosted the UAE's economy by $500 million and created 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.