By
Mayowa Adebajo
April 10th, 2024
In order to succeed and fulfill the goals for which it was established, the Dubai Metaverse Strategy needs all of the backing and liftoff it can get.
Dubai is doubling down on its expectations for the metaverse as crown prince, Hamdan bin Mohammed bin Rashid Al Maktoum announced the launch of the ‘Dubai Metaverse Strategy’.
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
The metaverse strategy aims among many things to put Dubai in the spotlight as one of the world’s most notable cities when it comes to metaverse-related initiatives. Per the projections of the Dubai Metaverse Strategy, as much as $4 billion is expected to be added to the economy in the next 5 years.
The metaverse strategy is also bound to be a major complement to the regulatory work of the Virtual Assets Regulatory Authority (VARA) and has the plan to license blockchain startups and metaverse companies up to 5x within the same timeframe. In addition, Prince Al Maktoum is optimistic the Dubai Metaverse Strategy will help in ushering in as many as 40,000 jobs within the next 5 years.
The metaverse strategy is anchored on three core pillars including fostering metaverse innovation and economic contributions. It also seeks to cultivate metaverse talents through purposeful education and training. The third pillar of the strategy is to develop metaverse use cases and applications in the Dubai government.
According to the media office of the government of the United Arab Emirates, the Dubai Metaverse Strategy was created in May of this year and is billed to help explore custom-made applications of the metaverse across the board.
The Dubai Metaverse Strategy: Getting the Necessary Boost
In order to succeed and fulfill the goals for which it was established, the Dubai Metaverse Strategy needs all of the backing and liftoff it can get.
With eyes centered on the long-term in terms of projected achievement and expectations, the Dubai Government is already setting the path for the strategy team to greatly narrow down their operations.
One of the ways this is being done is through the establishment of the “Dubai Metaverse Assembly, a global event bringing together regional and international experts in Dubai to shape the future of the metaverse and explore its promise and potential applications.”
“The metaverse is a promising digital world. We aim to harness this technology to enhance the quality of life in the UAE and across the globe.” His Highness Sheikh Hamdan highlighted that the Dubai Metaverse Assembly embodies the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, for Dubai to become a global hub for innovation and futuristic transformations and a key driver for digital and knowledge-based economies around the world. “We want Dubai to lead globally in adopting the technology of the future, understanding its developments, harnessing its potential, and driving change,” said Prince Al Maktoum.
There is no certainty as to the financial commitments of the government toward this strategy, but with the granting of licenses to FTX, Binance, OKX, and Crypto.com in recent times, the region is certainly ready to embrace the new future in the metaverse.