In line with the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, launched the Dubai Metaverse Strategy that aims to turn Dubai into one the world’s top 10 metaverse economies as well as a global hub for the metaverse community.
Sheikh Hamdan bin Mohammed underscored the importance of consolidating Dubai’s status as a hub offering the most advanced ecosystem for the metaverse and as a frontrunner in adopting digital solutions globally, which reflects the ambitious vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum for transforming the emirate into a global capital of advanced technologies, primarily artificial intelligence (AI) and Web3.
The strategy aims to build on Dubai’s achievement of attracting more than 1,000 companies in the fields of blockchain and metaverse. It also promotes Dubai’s ambitions to support more than 40,000 virtual jobs by 2030. This would further boost Dubai’s economy and support the UAE government’s vision of increasing the number of blockchain companies by five times the present number.
Sheikh Hamdan bin Mohammed said that Dubai is making great strides in enhancing its position as a global testbed for metaverse technology while investing judiciously in building capabilities and talent in creating the region’s most robust and largest ecosystem for the metaverse community. His Highness added that adopting new technologies will be a stepping stone in Dubai’s vision to use future technologies to create new work models in vital sectors and increase the metaverse’s impact on regional and global economies.
Commenting on the launch of the Dubai Metaverse Strategy, Omar bin Sultan Al Olama, Minister of State for Artificial intelligence, Digital Economy and Remote Work Applications, and Deputy Managing Director of the Dubai Future Foundation, reiterated the importance of designing the future with new digital strategies for adopting the metaverse in vital sectors. He added that the metaverse would drive the UAE’s and Dubai’s efforts to provide innovative solutions, positively impact people’s lives, and transform the city into one of the smartest hubs worldwide offering new economic opportunities.
Al Olama said the Dubai Metaverse Strategy is in line with the objectives of the UAE AI Strategy to enhance the country’s status as one of the world’s leading countries in futuristic sectors by investing in new initiatives and empowering talent to drive digital transformation and the adoption of future technologies.
Analysts estimate that the metaverse will contribute up to $5 trillion to the global economy by 2030. The market value of NFTs is expected to reach $80 billion, while consumer spending on in-game purchases is reckoned to reach $75 billion by 2025. Recent studies show that the daily active users on Roblox, one of the leading global metaverse communities, has increased to 55 million. At the same time, 59% of global consumers are keen to transition at least one of their everyday activities to the metaverse.
Sheikh Mohammed bin Rashid Al Maktoum directed government teams to start developing the Dubai Metaverse Strategy 60 days before its launch. The strategy promotes the employment of a connected network of virtual spaces to enhance the community’s wellbeing in Dubai and enhance initiatives making it a role model in metaverse technologies with a robust digital infrastructure.
