- The Dubai government introduced a task force to track developments and opportunities in the metaverse.
- Dubai expects the metaverse to contribute to the GDP and also add $4 billion to its economy by 2030.
- 42,000 jobs to become virtual through this strategy.
After reviewing vital technology trends, the Dubai government announced the formation of a dedicated task force to track the latest developments in the digital economy and leverage opportunities within the metaverse.
The directives to set up the task force were issued by Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, the crown prince of Dubai, along with H.H. Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, deputy prime minister of Dubai, at a Dubai Council meeting on Thursday.
This task force also aims to implement the metaverse technologies to support 42,000 jobs to become virtual, as well as improve the performance of resident surgeons by 230% and develop the productivity of engineers by 30%.
The Chairman of the Dubai Chamber of Digital Economy, Oman Bin Sultan Al Olama, outlined how the evolution of Web3 and the metaverse will enable Dubai to “generate business opportunities beyond its physical borders.”
The move will help us fully understand reality and explore unique ideas that will shape a brighter future for Dubai and the UAE, maximizing future business opportunities.
Sheikh Hamdan stated the committee has started working on the key objectives of the Dubai Metaverse Strategy, which aims to increase the contribution of the metaverse to Dubai’s annual GDP by 1% and its economic growth to $4 billion by 2030.
Based on current estimations, the business revenue from the metaverse could grow from $180 billion to $400 billion by 2025.
However, this committee’s current focus is to develop the legislative framework that covers the requirements of all sectors alongside identifying the challenges and possibilities of their implementation.
Earlier this month, Dubai’s Virtual Assets Regulatory Authority (VARA) entered the metaverse with the establishment of its MetaHQ, making it the first regulatory to step into the emerging world of Web 3.0.