Dubai’s Crown Prince Endorses Next Metaverse Development Phase

The Crown Prince of Dubai, Sheikh Hamdan, has approved the next phase of Dubai’s Metaverse Strategy during the first meeting of the Higher Committee.

Nov 27, 2022
by Michael
Dubai’s Crown Prince Endorses Next Metaverse Development Phase
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A few months ago, the  Crown Prince of Dubai and Chairman of Dubai’s Higher Committee of Future Technology Development and Digital Economy, Sheikh Hamdan, launched Dubai’s Metaverse Strategy. In a recent announcement, he endorsed the next phase of development for the project.  According to the project details released on Monday, July 18, 2022, via Twitter, the metaverse project will achieve several objectives. It will multiply the number of metaverse companies to 5,000, create 40,000 virtual jobs, and generate $4 billion in the next five years. It will also make Dubai one of the top 10 cities according to metaverse economy rankings.  

During the first meeting of the Higher Committee of Future Technology Development and Digital Economy, the Crown Prince approved four major strategies aimed at increasing innovation and digital growth. The new model is solely focused on the Metaverse. It will be used for government services and studying the social benefits of the metaverse. The new strategy will create a large network of investors, creators, users, start-ups, and metaverse companies in the Dubai metaverse community. One of Dubai’s Metaverse Strategies will partner with private businesses to transform Dubai into a global metaverse event hub.

Dubai’s Web3 Experience: The Journey So Far

Prior to this announcement, Dubai hosted an NFT boxing match between Floyd Mayweather and Don Moore. Holders of Global Titans Fight Series NFTs received live streaming of the match, exclusive 3D collectibles, video materials, a Mayweather autograph, and other perks. Dubai’s Metaverse has also partnered with Binance NFT. The partnership will make the museum a pioneer in the crypto and Web3 space, and it hopes to include a range of digital assets and metaverse products. 

The metaverse strategy will promote the growth of Web3 technologies in major sectors like retail, tourism, education, healthcare, and more. The UAE city has become the leading nation in the Web3 sphere with its recent Web3 plan.

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