Abu Dhabi: Dubai government on Monday launched the Dubai Metaverse Strategy, through which it seeks to become among the top ten cities in the world in this field.
The Emirates News Agency, WAM, quoted Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, that the launch of the strategy represents the next revolution in the technological and economic field, which will affect all aspects of life during the next two decades.
The Crown Prince of Dubai said: “A thousand companies in Dubai are currently working in this sector, which contributes $500 million to the national economy, amid expectations that it will rise strongly during the coming period.”
“The aim of launching an integrated plan for metaverse at this early time for this technology is for Dubai to be among the top ten cities that will shape this sector globally,” he added.
The strategy also aims “to double the number of blockchain and metaverse companies 5 times the current number within 5 years.”
He also expected that it would “create 40,000 virtual jobs and contribute $4 billion to Dubai’s economy within 5 years.”
In May 2022, the Dubai Virtual Asset Regulatory Authority announced its entry into Metaverse and the establishment of its headquarters in the virtual world The Sandbox.
The Dubai Authority for Regulating Virtual Assets seeks to consolidate its presence in the virtual world and to enable the components of this sector to access its services in its digital technology environment.
Dubai also plans to facilitate cooperation between global virtual asset service providers, thought leaders in the virtual asset sector, and international regulatory authorities.
