Dubai gets metaverse strategy, plans to become top metaverse economy

The UAE, which is working on establishing itself as a hotspot for Web3 activities, has decided to make Dubai one of the top ten metaverse economies in the world. This week, Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum announced a roadmap for the development of the metaverse in Dubai. The plan, called ‘Dubai Metaverse Strategy’, aims to include more than a thousand Web3 firms into its industrial ecosystem. The UAE estimates that the move could bring about 40,000 jobs over the next six years to 2030.

In the coming years, Dubai is looking to create a cutting-edge metaverse ecosystem for companies that are providing technology-related services. An announcement revealed that the Dubai Metaverse strategy will test applications of the Metaverse in various sectors including tourism, education, retail, remote working, healthcare and legalities. published On WAM, the official news agency of the United Arab Emirates.

To ensure that the metaverse technology is well developed, Dubai will step up its game to research and develop other technologies such as augmented reality (AR), virtual reality (VR), and mixed reality (XR). These form essential elements of the overall metaverse technology and have already added 6,700 jobs in the UAE in recent times, adding $500 million (approximately Rs 4,175 crore) to the country’s economy.

“The strategy aims to leverage real-time data, use machine learning and IoT, and employ AI simulations and blockchain to enhance human thinking processes,” the announcement said.

Market research firms have different projections about the growth of the metaverse market through 2030 marketsandmarkets.com The market size is expected to reach $1,303.4 billion by 2030, PS Market Research, PoliticianAnd priority research It is estimated that it will grow to sizes of $1,157 billion, $507 billion and $1.3 trillion respectively.

The World Economic Forum (WEF) said in its latest report that by the year 2030, about 700 cities will have some form of metaverse infrastructure. However, so far, South Korea’s Seoul, UAE’s Dubai and US’s Santa Monica have been named as leading cities in the international metaverse region.

Dubai is already taking steps to be an early adopter of metaverse technology. For example, in September 2022, the UAE Ministry of Economy launched into the metaverse.