Dubai to become top global metaverse hub

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Sheikh Hamdan approved the new phase of the Dubai Metaverse Strategy, which will implement measures to empower the use of the metaverse and future technologies

The emergence of Web 3 and the metaverse will have “endless” possibilities of how it could impact industries and communities in the UAE, experts told the Arabian Business UAE Forum. According to David Zennie, chief executive officer of Disruptive, the metaverse could allow us to create new worlds and redefine how business is done – a major pivot from the “transactional” nature of Web 2, or the internet as we know it now. The UAE has grown in potential in becoming a hub for both talent and innovation in the space.

Dubai is taking a further step into the metaverse after Sheikh Hamdan approved a new strategy to enhance the digital economy. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of The Executive Council of Dubai, and Chairman of Dubai’s Higher Committee of Future Technology Development and Digital Economy, approved the new phase of the Dubai Metaverse Strategy, which will implement measures to empower the use of the metaverse and future technologies. Dubai aims to be a global top 10 metaverse economy and an investment hub for the developing sector.

Dubai metaverse plan In approving the new phase of the emirate’s metaverse strategy, Sheikh Hamdan has set up a 100-day plan for government organisations to co-ordinate their contributions to the development of the digital economy Sheikh Hamdan said that the emirate is set to become one the world’s top digital economies and a leading platform for innovations that can shape the future. “Through this Committee, we seek to develop a new model for the development of technology and futuristic sciences with a special focus on digital technologies and the metaverse as part of our broader strategy to promote digital growth and innovation and achieve the goals of the Dubai Metaverse Strategy,” said Sheikh Hamdan.

In updating the Dubai Metaverse Strategy he approved four key strategies aimed at using metaverse technologies to provide government services and a comprehensive study aimed at identifying the social benefits of introducing metaverse services that will be submitted to The Executive Council for approval. The initiatives also seek to build the skills of talented Emiratis and create a large metaverse community in the city that includes metaverse companies, start-ups, investors and users. The initiatives also include strategic projects featuring partnerships with private sector players and events aimed at making Dubai a hub for regional and global metaverse-related events. Last July, Sheikh Hamdan launched the metaverse strategy as the emirates plans to turn the region into one the world’s top 10 metaverse economies as well as a global hub for the metaverse community. The Strategy aims to build on the city’s achievement of attracting more than 1,000 companies in the fields of blockchain and metaverse. It also promotes the emirate’s ambitions to support more than 40,000 virtual jobs by 2030. This is set to further boost the UAE economy and support the UAE government’s vision of increasing the number of blockchain companies by five times the present number.