Dubai Shoots For a Spot in The World's Top 10 Metaverse Economies

On July 18, The Crown Prince of Dubai and Chairman of the Executive Council Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum officially launched the Dubai Metaverse Strategy. The new strategy aims to elevate Dubai as a global metaverse economy and increase jobs and companies in the metaverse and blockchain sectors.

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

In detail, the Dubai Metaverse Strategy is a 5-year plan to strengthen the metaverse and blockchain sector of the emirate. The strategy aims to quintuple the current amount of blockchain and metaverse companies – from the current 1,000 to 5,000 – in that span of time. Additionally, it aims to contribute 40,000 virtual jobs and add an additional $4 billion to Dubai’s economy.

More importantly, Dubai aims to become the #1 in the region and one of the world’s top 10 metaverse economies.

In order to achieve this, the strategy presented its five pillars: foster metaverse innovation and economic contribution; cultivate metaverse talent via education and training; develop metaverse use-cases and applications in the Dubai government; adoption, scaling, and global advocation of safe platforms; and finally infrastructure and regulation refinement.

The Dubai Metaverse Strategy aims to build on Dubai’s current success in the sector. It has successfully attracted 1,000 companies in the blockchain and metaverse sector to date. Moreover, the sectors have contributed $500 million to Dubai’s economy.

With the early adoption of metaverse technology, Dubai seeks to become one of the top 10 metaverse economies and a global frontrunner in adopting digital solutions. This falls in line with [His Highness Sheikh Mohammed bin Rashid Al Maktoum’s] vision for the future of Dubai. – Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum

One of the top nations that have participated in the development of a worldwide strategy for turning the metaverse into a commercially viable sector in the foreseeable future is United Arab Emirates (UAE).

Dubai began offering a digital version of its business license in 2019. Metaverse Dubai was unveiled to the world on December 27th, 2021 as the world’s first-ever virtual megacity by Dubai.

The Virtual Assets Regulatory Authority of Dubai made the announcement on May 4 that it had become the first regulatory body in the world to make its debut in the metaverse by establishing its Metaverse HQ.