Dubai officially launches its Metaverse Strategy

    20 Jul 2022

    Dubai Metaverse Strategy has been officially launched, aiming to create more than 40,000 new jobs and 4,000 new companies in the sector. There are currently 1,000 companies in Dubai engaged in the crypto and metaverse sector, contributing $500 million to the national economy.

    On July 18, The Crown Prince of Dubai and Chairman of the Executive Council Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum officially announced the launch of the Dubai Metaverse Strategy. The new strategy aims to elevate Dubai as a global metaverse economy and increase jobs and companies in the metaverse and blockchain sectors.

    The Dubai Metaverse Strategy is a 5-year plan to strengthen the metaverse and blockchain sector of the emirate. The strategy aims to quintuple the current amount of blockchain and metaverse companies – from 1,000 to 5,000 – in that period. Additionally, it aims to contribute 40,000 virtual jobs and add $4 billion to Dubai’s economy.

    Moreover, Dubai aims to become the regional leader and one of the world’s top 10 metaverse economies.

    To achieve this, the strategy presented its five pillars: foster metaverse innovation and economic contribution; cultivate metaverse talent via education and training; develop metaverse use-cases and applications in the Dubai government; adoption, scaling, and global advocation of safe platforms; and finally, infrastructure and regulation refinement.

    “With the early adoption of metaverse technology, Dubai seeks to become one of the top 10 metaverse economies and a global frontrunner in adopting digital solutions. This falls in line with [His Highness Sheikh Mohammed bin Rashid Al Maktoum’s] vision for the future of Dubai,” Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said.

    The Dubai Metaverse Strategy aims to build on Dubai’s current success in the sector. It has successfully attracted 1,000 companies in the blockchain and metaverse sector to date. Moreover, the sectors have contributed $500 million to Dubai’s economy.

    The UAE has become one of the top nations that have participated in developing a worldwide strategy for turning the metaverse into a commercially viable sector in the foreseeable future.

    In 2019, Dubai began offering a digital version of its business license. Metaverse Dubai was unveiled to the world on December 27th, 2021 as the world’s first-ever virtual megacity by Dubai.

    The Virtual Assets Regulatory Authority (VARA) of Dubai announced on May 4 that it had become the first regulatory body in the world to make its debut in the metaverse by establishing its Metaverse HQ.

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