Dubai's Metaverse Strategy Targets 40,000 Virtual Jobs with $4B GDP Boost in 5 Years

After 2 months, Dubai's special metaverse committee finally released a detailed plan to transform the city into a virtual powerhouse.

Jul 20, 2022
by Akira Ming
Dubai's Metaverse Strategy Targets 40,000 Virtual Jobs with $4B GDP Boost in 5 Years
News

What you need to know about Dubai's plans to enter the metaverse

On Monday, Dubai Crown Prince Sheikh Hamdan bin Mohammed launched a plan to become one of the top 10 metaverse economies in the world. The ambitious scheme will see Dubai support 40,000 virtual jobs in the metaverse sector in 5 years. Accordingly, this would result in a $4 billion GDP boost to the wealthiest city in the United Arab Emirates (UAE). 

Being a leading crypto hub in the Middle East, Dubai is also looking to 5x the number of blockchain and metaverse companies in the region. Given that, there are several strategies outlined in the plan to achieve these goals. 

First off, the authorities of Dubai will allocate resources to foster any metaverse innovation that leads to economic contribution in real life. This includes cultivating talents through education and training. In fact, the most populous city in UAE will develop metaverse use cases in the Dubai government as well. To pull these off, they will also focus on building safe and secure metaverse platforms for all. 

According to Sheikh Hamdan, Dubai is currently hosting more than 1,000 companies working in the metaverse and blockchain sectors. These firms contributed $500 million in total to the national economy. 

Dubai foresees great potential in the metaverse

Back in May, Dubai executives set up a special task force to draft the Dubai Metaverse Strategy. The decision came after the team reviewed the potential for the metaverse to become a commercial hub and social space in the future. At that time, Sheikh Hamdan already expressed his commitment to transforming the city into a virtual powerhouse. 

Nonetheless, Dubai is not the only metropolis showing deep interest in the metaverse. China's biggest city of Shanghai, recently poured billions of dollars to create its own virtual economy as well. At this pace, Web3 perhaps will reach mass adoption sooner than we thought. 

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
We have sent you an email, please confirm!


News Filter
Play Games Now
Galaxy Fight Club
Galaxy Fight Club
illuvium
illuvium
Gods Unchained
Gods Unchained