Dubai’s metaverse strategy will support vision to create 40,000 virtual jobs by 2030

Dubai launched a new strategy that aims to turn the emirate into one the world’s top 10 metaverse economies and build “the region’s most robust and largest ecosystem for the metaverse community.”

The strategy will help Dubai realise its ambitions of supporting more than 40,000 virtual jobs by 2030 and aims to build on Dubai’s achievement of attracting more than 1,000 companies in the fields of blockchain and metaverse.

The move will not only boost Dubai’s economy but support the UAE government’s vision of increasing the number of blockchain companies by five times the present number, as per a statement by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai.

Some say being in the metaverse means interacting in cyberspace, while others say it is a 3D model of the internet.

One way of understanding it is that it’s a shared virtual space that exists online and is interactive, immersive and hyper-realistic

According to the statement by the Crown Prince, analysts estimate that the metaverse will contribute up to $5 trillion to the global economy by 2030 and that 59% of global consumers are keen to transition at least one of their everyday activities to the metaverse.

‘Metaverse’ is the future of tech, and Dubai does not want to be left behind

Globally, the value of venture capital and private equity financing in the metaverse reached $13 billion in 2021, while real estate sales in the metaverse surpassed $500 million last year.

Dubai wants to cash in on this, and its strategy supports the development of Web3 technology and its applications to create new governmental work models and development in sectors like tourism, education, retail, remote work, healthcare, and the legal sector.

Sheikh Hamdan bin Mohammed said: “The metaverse is a promising digital world. We aim to harness this technology to enhance the quality of life in the UAE and across the globe.”

The strategy also aims to develop global standards in building safe and secure platforms for users while developing the infrastructure and regulations to accelerate the adoption of these technologies.

The strategy’s key pillars focus on extended reality (which blends the physical and virtual worlds), augmented reality, virtual reality, mixed reality, and digital twins (a virtual representation of an object or system).

It aims at leveraging real-time data, using machine learning and Internet of Things.

Other pillars include promoting the full deployment of 5G networks to enable edge computing and provide on-demand computer system resources.

VR and AR, two key enablers of the metaverse, are already responsible for 6,700 jobs and contributing $500 million to the UAE’s economy. This is expected to increase significantly in the future.

Omar bin Sultan Al Olama, Minister of State for Artificial intelligence, Digital Economy and Remote Work Applications, 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.

Sheikh Hamdan has also announced the launch of the Dubai Metaverse Assembly, a global event bringing together regional and international experts in Dubai to shape the future of the metaverse and explore its promise and potential applications.

It will be held on September 28 and 29 at the Museum of the Future and Emirates Towers