The government in Dubai has set out an ambitious Metaverse strategy that will produce 40,000 virtual jobs and add $4 billion to the city’s GDP over the next half-decade. The country’s goal is to become one of the world’s top metaverse economies and a global hub for the metaverse community and Web3 innovation.
The strategy was announced by Crown Prince of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Chairman of Dubai Executive Council, on Monday 18th July.
Embracing New Technology
Dubai is no stranger to embracing new technology and has attracted 1000 blockchain-related companies to its shores in recent years. The Dubai Virtual Assets Regulatory Authority grants blockchain companies licenses to trade and set up offices in the UEA. Companies taking advantage of the hub include digital platforms Crypto.com and FTX.
Already a regional hub for the metaverse and blockchain sectors, the new Dubai metaverse strategy will emphasize AI (artificial intelligence) and Web3.
The key metaverse technologies of Augmented Reality and Virtual Reality added 6700 jobs and contributed $500 million to the UEA national economy. The new Dubai metaverse strategy intends to increase the number of blockchain and metaverse companies significantly.
Sheikh Hamdan Mohammed Bin reiterated the importance of the strategy, “for Dubai’s status as a hub offering the most advanced ecosystem for the metaverse and as a frontrunner in adopting digital solutions globally.”
The Dubai metaverse strategy syncs with the UAE AI strategy. It further enhances the country’s reputation as a world leader in futuristic technology investment and a place where metaverse companies can thrive.
Dubai Metaverse Strategy
With all the venture capital flowing into the Web3 and virtual space, The Crown Prince of Dubai sees the benefits to Dubai’s economy. This has prompted the country to create the metaverse strategy.
The strategy will encompass three pillars; foster, cultivate and develop.
Foster innovation
The idea is to foster metaverse innovation and increase the metaverse’s economic capital. They will do this through R&D partnerships and “develop advanced ecosystems utilising accelerators and incubators that attract companies and projects to Dubai.” according to the press release.
Cultivate Talent
The Dubai metaverse strategy makes it a priority to foster talent and invest in future technology via support for metaverse education targeting developers, content creators and the community centered around the metaverse and blockchain sector.
Develop Web3 Technology
The Dubai government supports Web3 applications and development. They aim to integrate tech into new government work models in vital sectors, including tourism, education, retail, remote work, healthcare, and legal.
Part of the strategy is to advance worldwide standards and regulations for users of the Metaverse. They hope regulations will accelerate the mass adoption of the technology.
Everything but Reality
The cornerstone of the three pillars is the different reality technologies related to the Metaverse.
- Blended reality; mixes the virtual and physical worlds.
- Augmented reality; is a real-world situation with constructed perceptual information overlaying it.
- Virtual reality; is an artificial setting that fools you into thinking it is real life.
- Digital twins; is a digital representation of a real-life object or system.
Other Technologies
The strategy will also employ other technologies connected to the Metaverse, including Data, network, cloud, and edge computing.
The government will promote the rollout of 5G networks to enable edge computing. The technologies will be used to collect, store and process real-world data.
Afterthoughts
The Dubai metaverse assembly has shown their blueprint for how Web3 technology can benefit the UAE’s economy. They are the latest country or city to publish their plans to incorporate the Metaverse and virtual assets into their economies.
Other countries such as Korea and cities including Shanghai have recently published their visions for digital cities.
Countries are beginning to grasp the future capabilities and economic and social opportunities to be found in the Metaverse. Those who take this window of opportunity will reap the economic benefits for years to come.
