On Monday, Dubai began implementing a strategy for the metaverse with the intention of increasing the sector’s contribution to the local economy to a total of $4 billion.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of the emirate, announced the new project on Twitter. In his post, he explained that the initiative’s goal is to more than double the number of enterprises in the emirate that are tied to the metaverse within the next five years.
“Today, we are excited to announce the launch of the Dubai Metaverse Strategy, which will usher in the next technological and economic revolution. Currently, Dubai is home to 1,000 businesses that are engaged in this industry, which results in a contribution of $500 million to our country’s overall economy. We anticipate that it will show a significant increase throughout the course of the upcoming term,” he stated.
According to the crown prince, the implementation of the strategy would result in the creation of around 40,000 new employment.
The Dubai Metaverse Strategy is built on a foundation of five pillars, the most important of which are the development of talent, the acceptance of metaverse technology by the government, and an emphasis on innovation.
