In a bid to boost the national economy, Dubai has launched a Metaverse Strategy that is expected to generate $500 million in revenue for the national economy.
Hamdan bin Mohammed, who has been Crown Prince of Dubai since 2008, shared the news via Twitter, highlighting that the metaverse will affect all aspects of our lives over the next two decades.
أطلقنا اليوم استراتيجية دبي للميتافيرس، الثورة القادمة في المجال التكنولوجي والاقتصادي ستؤثر في كافة مناحي الحياة خلال العقدين القادمين، لدينا 1000 شركة في دبي تعمل حالياً في هذا القطاع البالغ إسهامه 500 مليون دولار في اقتصادنا الوطني.. وتوقعاتنا أن يرتفع بقوة خلال الفترة القادمة pic.twitter.com/79vU7JXeCE
— Hamdan bin Mohammed (@HamdanMohammed) July 18, 2022
According to his tweet, the Dubai Metaverse strategy is expected to add five times more blockchain and metaverse enterprises in the next five years.
Currently, there are 1,000 blockchain and metaverse entities in Dubai, with the goal of reaching 5,000 by 2027.
“The strategy will also add 40,000 new jobs in the virtual world and bring in $4 billion to Dubai’s economy in the next 5 years,” Hamdan bin Mohammed stated.
The Dubai Metaverse Strategy will foster metaverse innovation as well as government use of the metaverse while expanding the talented workforce.
As a result of this strategy, Dubai hopes to rank among the top ten in the world in this sector.
