Dubai Metaverse Strategy aims to contribute $4 billion to economy in 5 year

Launched by Sheikh Hamdan, the Dubai Metaverse Strategy also aims to support 40,000 virtual jobs and increase.

In a nutshell the key objectives of the Dubai Metaverse strategy today:

– Foster innovation in new technology, with over 1,000 companies operating in the metaverse and blockchain sector contributing to $500 million to the national economy.

– Dubai aims to become one of the top 10 global players in the metaverse economy

– Cultivate metaverse talent through education and training, and to develop metaverse use-cases and applications in the Dubai government

– Leverage on the development of Web3 technology and its applications to support new use-cases and work models in the government and other sectors which are vital to Dubai’s economy, such as tourism, education, healthcare, and retail, among others

– Develop global standards in building safe and secure platforms for users and develop metaverse infrastructure and regulations to accelerate the adoption of these technologies

– Focus on the deployment of immersive reality technologies such as virtual reality, augmented reality, and extended reality.

The Metaverse’s economic opportunities

– In 2021 alone, the value of venture capital and private equity financing in the metaverse reached $13 billion globally, with metaverse real estate sales of over $500 million.

– Analysts estimate that, by 2030, the metaverse will contribute up to $5 trillion to the global economy.