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Dubai Enters the Metaverse World & Seizes It with Both Hands

  • Publish date: Wednesday، 20 July 2022
Dubai Enters the Metaverse World & Seizes It with Both Hands
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Dubai continues its rapid growth that has surpassed the neighboring countries, not only that, but it is now competing with major developed countries with its innovative strategies and agile and flexible methods to match the tremendous development the world is witnessing at the present time. Today, it is moving at breakneck speed to grab its share of the global economy faster than any other country.

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, revealed this week the first Dubai Metaverse strategy, which aims to position the emirate as one of the top 10 cities worldwide in the metaverse economy and a global hub for the metaverse community.  His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE, Prime Minister, and Ruler of Dubai announced in May this year the formation of the Metaverse Committee and promised that it would implement a strategy within two months to be announced at a perfect timing this week.

Like other innovative strategies presented by the wise UAE government, the benefits and funds will pour into the emirate when this strategy comes into effect, as it could add about $4 billion to the emirate's economy, and the plan will also increase the number of blockchain and metaverse companies in the UAE by 5 times over five years, and will support more than 40,000 new jobs by 2030.

It is also estimated that this metaverse strategy will contribute up to $5 trillion to the global economy by 2030, the market value of non-fungible tokens (NFTs) is expected to reach $80 billion and in-game purchases by consumers could reach $75 billion by 2025.

In light of this, we put before you a list of achievements fulfilled by the Emirate of Dubai this year to bring benefit to all Emirati people:

  • February – Dubai issued its first virtual asset regulation law to regulate crypto assets and non-fungible tokens (NFTs).
  • March – Dubai Established the Dubai Virtual Asset Regulatory Authority (VARA) under the new Virtual Asset Law.
  • May - VARA became the first regulator to establish itself in the 'Metaverse' world and the emirate then formed a committee to develop the Dubai Metaverse strategy
  • July - The emirate announced the Dubai Metaverse strategy, which is expected to add $4 billion to the country's economy

It seems that Dubai is proceeding with confident steps to achieve its ambitious visions and plans to become a leader in various fields of technology and artificial intelligence by investing in promising competencies and distinguished talents to build the strongest metaverse community in the region.

This article was previously published on UAE Moments.To see the original article, click here