Metaverse Strategy of Dubai aims to increase contribution of metaverse sector to emirate’s economy
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, have reviewed the critical technology trends in the metaverse and issued orders to establish a taskforce to monitor the latest developments in the digital economy.
The move is part of the directives issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, during the previous Dubai Council meeting. His Highness ordered the formation of a top committee to oversee technological developments in the emirate and oversee the development of the digital economy, contributing to Dubai’s status as the best city in the virtual space through innovative services and an advanced regulatory framework.
His Highness Sheikh Hamdan said that the establishment of a top committee to oversee technological developments in Dubai reflects the foresight of His Highness Sheikh Mohammed bin Rashid, who is always looking ahead and making proactive and swift decisions to seize potential opportunities. The decision will cement Dubai’s status as a key city in the meta-universe, His Highness added.
Sheikh Hamdan noted that the committee has begun work on the key pillars and objectives of the Dubai Metaverse Strategy. Based on data and information, the strategy aims to increase the contribution of the metaverse to Dubai’s economy to $4 billion by 2030 and increase its contribution to Dubai’s GDP to 1%.
During the meeting, H.E. Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications and Chairman of Dubai Digital Economy Chamber, outlined how Dubai can benefit from the metaverse enabling it to generate business opportunities beyond its physical borders.
The committee intends to introduce metaverse technologies that will help improve resident surgeons’ performance by 230% and increase engineers’ productivity by 30%, as well as support 42,000 jobs that will 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 profile in the virtual world.
The committee is currently working on identifying opportunities and challenges and continues to develop a legislative framework that covers the future requirements of all sectors. In addition, the committee is working on qualifying human capital so that it can succeed in the virtual world.
A metaverse is a virtual reality space in which users interact with a computer-generated environment and other users. It combines elements of social media, augmented reality, virtual reality, video games, cryptocurrencies and other advanced technologies.
Current estimates suggest that business revenues from the metaverse could grow from $180 billion to $400 billion by 2025.
Earlier this month, the Virtual Asset Regulatory Authority of Dubai (VARA) said it had entered the metaverse by establishing its Metaverse HQ, becoming the first regulator present in the emerging digital space. Expanding VARA’s resources to a borderless audience is part of Dubai’s strategy to prototype a decentralised regulator model. It also aims to make it available to government and industry leaders, other authorities and virtual asset service providers to help shape the future digital economy. MetaHQ VARA will use The Sandbox platform, an Ethereum blockchain-based application that allows users to create, sell and buy digital assets.
.@HamdanMohammed, @MaktoumMohammed review vital technology trends in the metaverse and issued directives to form a task force to track the latest developments in the digital economy. #Dubai https://t.co/oY819Rs5MU pic.twitter.com/lVtk79uYLT— Dubai Media Office (@DXBMediaOffice) May 19, 2022
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