Metaverse to Contribute $4B To Dubai’s Economy

Headed by the Dubai Crown Prince Sheikh Mohammed bin Rashid Al Maktoum, The Dubai Metaverse Strategy, which was announced earlier this month,  aims to increase the contribution of the Metaverse sector to the Emirate’s economy to $4 billion by 2030.

The Dubai Metaverse Strategy also intends to ensure that the metaverse increases its contribution to 1 percent of the Emirate’s GDP.

Sheikh Hamdan bin Mohammed and Sheikh Maktoum bin Mohammed, the Deputy Ruler of Dubai, have now directed the formation of a task force to track the latest developments in the digital economy, including technology and metaverse trends, Wam confirmed.

Sheikh Hamdan bin Mohammed mentioned in a tweet today that the Dubai Metaverse Strategy, the next revolution in the technological and economic field that will affect all aspects of life over the next two decades, has been launched.

The UAE now has 1,000 companies in Dubai that are currently working in this sector, which contributes $500 million to the national economy, and it is expected to rise strongly during the coming period.

He added that the goal behind launching an integrated plan for the Metaverse at this early time for this technology is to be among the top ten cities that will shape this sector globally. Dubai was and will remain a precedent for others globally, for Mohammed Bin Rashid has proven to the world over and over again the rightness of his vision that made Dubai.

Higher committee to develop Dubai’s Metaverse strategy

Sheikh Hamdan confirmed that the higher committee has started working on the key pillars and objectives of the Dubai Metaverse Strategy.

During the meeting with Sheikh Hamdan and Sheikh Maktoum, Omar bin Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy, and Teleworking Applications and chairman of the Dubai Chamber of Digital Economy, it was outlined how Dubai stands to benefit from the metaverse in a way that enables it to generate business opportunities beyond its physical borders.

The committee aims to implement Metaverse technologies that can help improve the performance of resident surgeons by 230 percent, and increase the productivity of engineers by 30 percent, in addition to supporting 42,000 jobs to become virtual.

Dubai plans to become a key player in the virtual world and is developing a regulatory and legislative framework for the sector. It is also launching projects and initiatives that will further raise its stature in the virtual world.

The committee is currently focusing on identifying opportunities and challenges, as well as continuing the development of the legislative framework that covers future requirements of all sectors. In addition to that, it is pushing to qualify human capital to be able to excel in the virtual world.

Current estimates expect business revenues from the metaverse could grow from $180 billion to $400 billion by 2025.

Dubai’s regulatory authorities in the Metaverse

Earlier this month, Dubai’s Virtual Assets Regulatory Authority (VARA) said it had entered the metaverse with the establishment of its Metaverse HQ, making it the first regulator to have a presence in the emerging digital space.

Expanding VARA’s resources to a borderless audience is part of Dubai’s strategy to create a prototype decentralized regulator model. It also aims to make it accessible to government and industry leaders, other authorities and virtual asset service providers to help shape the future digital economy.

VARA’s MetaHQ will utilize The Sandbox platform, an Ethereum blockchain-based application that allows users to create, sell and purchase digital assets.