Dubai – The Dubai Government has developed a strategy that includes foundations related to the adoption and dissemination of Metaverse technology in the business sector, in an effort to win and keep pace with the leadership science in this field at an early date. the boom that is expected to change the face of transactions around the world within a decade from now.
With this step, the Emirate of Dubai is ahead of its neighbors in the Gulf and Arab region in accepting this technology, which is likely to be dominant in all economic sectors in the future.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, announced the launch of the Dubai Metaverse Strategy in a series of tweets on his Twitter account on Monday.
He said: “Metaverse technology is the next revolution in the technological and economic field, which will affect all aspects of life over the next two decades.”
The strategy aims to quadruple the number of companies using blockchain and metaverse technology in the next five years.
Dubai seeks to enable the financial sector and markets to work effectively with government agencies through networks based on blockchain technology.
Sheikh Hamdan bin Mohammed: Our goal is for Dubai to be among the top ten incubators for the sector
Dubai, the UAE’s main business hub, has been attracting crypto companies for some time, as it issued its first law regulating digital assets and formed the Virtual Asset Regulatory Authority to oversee the sector last March.
In addition, the Dubai government wants the metavirus sector to support the labor market by providing more than 40,000 virtual jobs.
The alternative world that can be accessed through virtual or augmented reality glasses is part of the science fiction of the majority of people, but the world of Metaverse is already present in the diaries of some, including not limited to some players or technology enthusiasts .
The health crisis over the past two years has given a boost to teleworking techniques that make it possible to remove geographical barriers and work within a team despite the distances.
According to Sheikh Hamdan, there are about 1,000 companies currently operating in the metaverse sector in the emirate. He stressed that his contribution to the UAE economy amounts to half a billion dollars, amid expectations from experts and officials that his role will increase sharply in the coming period.
The Dubai government expects the metaverse sector to contribute about $ 4 billion to the Gulf emirate’s economy by 2027.
Sheikh Hamdan said in one of his tweets that “the aim of launching an integrated plan for metaverse at this early stage for this technology is that Dubai will be among the top ten cities that will shape this sector worldwide.” “Dubai was and will remain the world’s leader,” he added.
The emirate strives to make Dubai’s economy one of the world’s leading economies in the field of metaverse, and to transform it over time into a key center for the global community of this technology.
Last May, Sheikh Mohammed bin Rashid, ruler of Dubai, instructed Sheikh Hamdan to lead the committee involved in the development of Metaverse technology, oversee all future technological developments in the field of digital economy and ensure that Dubai keeps pace with all technical developments. .
The Dubai Metaverse Strategy lays out five basic pillars for its success and achievement of the desired objectives, the most important of which are innovation innovations in the field of metaverse and improving its economic contribution.
The second pillar relates to the development of leading talents in this promising sector through education and training, as well as to working on the development of Metaverse applications and ways to use them in government institutions in the Emirates.
In addition, the strategy focuses on the acceptance, scale and promotion of secure platforms in international markets, while developing infrastructure and regulations.
Last May, the Dubai Virtual Asset Regulatory Authority announced its entry into the world of metaverse, and the establishment of a virtual world headquarters, which will further improve the business environment in the coming period, which will have a positive impact on the financial sector. and the emirate’s economy in general.
● Promote innovation in metaverse and improve its economic contribution
● Develop outstanding talents through education and training
● Development of Metaverse applications and ways to use them in government institutions
● Adoption, expansion and promotion of secure platforms worldwide
● Infrastructure development and regulations
The government’s headquarters on metaverse will be the primary channel for the government’s collaboration with virtual asset service providers around the world to open the door to new orders.
The Dubai government aims from this path to provide support and secure expansion for this sector, which sees a rapid trend towards decentralization as the emirate is establishing a prototype for a decentralized regulatory framework.
It also encourages thought leaders around the world, including international authorities, regulators, management stakeholders and business leaders, to engage, share knowledge and jointly solve problems to enable the sector to gain resilience, expand its social reach and contribute to achieving sustainability.
Due to its commitment to the freedom to engage in economic activities, the Crypto Assets Regulatory Authority in the Gulf Emirate joins the private sector and innovates in the information and communication technology sector, financial and professional services, through the world of to enter metaviruses.
In addition, it also joins the entertainment and consumer goods sectors, beyond what is expected of the world of games and virtual asset service providers.
The UAE has shown a determination to break with red tape to attract investment with the aim of making the integration of digital companies easier and faster, which is the latest announcement of economic policy as the government seeks to further diversify the economy away from oil revenues.
Trade Minister Thani bin Ahmed Al-Zeyoudi earlier this month announced a package of amendments and incentives to attract 300 digital companies to set up offices in the country within six to 12 months.