Dubai activates "strategy to create 40,000 new jobs in the metaverse"
The Emirate is launching a Dubai Metaverse strategy aimed at creating more than 40,000 virtual jobs by 2030.
As one of the leading crypto centers in the Middle East, the emirate is launching the Dubai metaverse strategy, which aims to turn it into one of the 10 largest metaverse economies in the world. The strategy promotes Dubai's ambition to support more than 40,000 virtual jobs by 2030.
On July 18, Emirates News agency announced the launch of the Dubai Metaverse strategy by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.
Al Maktoum hopes to transform the emirate into a global technology capital, focusing on artificial intelligence (AI) and Web3. Dubai's metaverse strategy is in line with the goals of the United Arab Emirates' AI strategy to enhance the country's status as one of the world's leading countries in futuristic sectors through investments in new technologies.
The Dubai Metaverse strategy will include research and development (R&D) collaboration to increase the economic contribution of the metaverse, the use of accelerators and incubators to attract companies and projects from abroad, as well as support for metaverse training aimed at developers, content creators and users of digital platforms in the metaverse community.
As part of the Dubai Metaverse Strategy, it promises to create new models of government work in tourism, education, retail, remote work, healthcare and the legal sector. It is said that its key pillars will be augmented and augmented reality (AR), virtual reality (VR), mixed reality and digital doubles - a virtual representation of an object or system.
The strategy proposes to promote the full deployment of 5G networks to provide edge computing, which will allow data to be collected, stored and processed locally using smart devices and local networks, rather than in the cloud.
According to the release, VR and AR have created 6,700 jobs and have already contributed $500 million to the UAE economy. Worldwide, the value of venture capital and private equity financing in the metaverse reached $13 billion in 2021, and real estate sales in the metaverse exceeded $500 million last year. In the future, these figures may grow by several orders of magnitude. A recent Citi report predicts the total market value of the metaverse at $13 trillion.
Since the beginning of June, the Dubai Virtual Asset Regulatory Authority (VARA) has issued or extended virtual asset licenses for several key crypto platforms, such as Crypto.com , Huobi and OKX.
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