Dubai unveils new metaverse strategy

The strategy for the development of the metaverse was released today by the Dubai government.

Dubai: A $4 billion project

40,000 new jobs and $4 billion to the economy over the next five years is the goal of the emirate, where through a tweet Sheikh Hamdan bin Mohammed unveiled the “Dubai Metaverse strategy” nothing but a plan that aims to place the city of Dubai among the top 10 cities that will shape the future of emerging technology globally.

We launched the Dubai Metaverse Strategy today, which aims to foster innovation in new technology. Dubai is home to over 1,000 companies operating in the metaverse and blockchain sector, which contributes $500 million to our national economy. pic.twitter.com/J1XRmd2ub3

— Hamdan bin Mohammed (@HamdanMohammed) July 18, 2022

“We launched the Dubai Metaverse Strategy today, which aims to foster innovation in new technology”.

Dubai is already home to more than 1,000 companies present in the metaverse and blockchain sector; such companies contribute more than $500 million to the national economy. The “Dubai Metaverse strategy” aims to quintuple this number of companies.

Omar bin Al Olama, minister of state for artificial intelligence, was also present to comment on the launch, and he reiterated the importance of designing the future with new digital strategies to adapt the metaverse in vital sectors. He also added that the metaverse would lead the UAE and Dubai‘s efforts to provide innovative solutions and positively impact people’s lives.

The “Dubai Metaverse strategy” also aims to develop global standards in building safe and secure platforms for users and develop infrastructure and regulations in the metaverse to accelerate the adoption of these technologies.

Metaverse: the global economy

The metaverse offers a number of economic opportunities globally. Real estate sales in the metaverse exceeded $500 million last year.

Analysts predict that the metaverse will contribute up to $5 trillion to the global economy by 2030, while the market value of NFTs is expected to reach $80 billion. Not to mention consumers, who are expected to make in-game purchases of $75 billion by 2025.

Recent studies also show that daily active users on Roblox, one of the leading Gaming platforms in the metaverse, have increased to $55 million.