Dubai is looking forward to leading the world in the adoption of the metaverse. With its recent Metaverse Strategy project, Metaverse Assembly, virtual offices, virtual cities and much more Dubai is gradually becoming the hub of metaverse and web 3.0 developments.
The UAE government in the past years have taken several steps to explore the potential of a metaverse in real estate, government institutions, healthcare, tourism, education and other sectors.
Now, the UAE government is looking to create virtual jobs and add a whopping $4 billion to its economy.
Crown Prince of Dubai and Chairman of the Dubai Executive Council, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum announced the Metaverse Strategy in July. He envisions making Dubai one of the largest metaverse economies.
The Metaverse Strategy was officially unveiled on 28th September 2022 during Dubai’s first ever Metaverse Assembly.
Omar bin Sultan Al Olama, Chairman of Dubai Chamber of Digital Economy and Vice Chairman of the Higher Committee for Future Technology and Digital Economy shared the detailed vision of Dubai’s Metaverse Strategy in his keynote at the Metaverse Assembly. The Crown prince of Dubai was also present at the event.
The global Metaverse market size will cross $426.9 billion by 2027 at a 47.2% Compound Annual Growth Rate (CAGR).
Dubai is taking every step to be a major role player and bag the opportunity in the billion-dollar metaverse market with its Metaverse Strategy.
Let’s have an in-depth look at how the Metaverse Strategy will create jobs, enhance the economy and open business opportunities for Emirates.
How Dubai’s Metaverse Strategy Will Help Dubai Become The Global Metaverse Hub?
Metaverse is a highly immersive and interactive virtual world powered by sophisticated technologies like AI, ML, IoT, AR, VR, 3D Modelling and others. The virtual world offers users an advanced and hyper realistic online experience similar to the real world.
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Businesses are currently exploring how metaverse can be integrated with applications and create opportunities. According to market statistics, the global metaverse market size will touch $1.6 trillion by 2030 with a 43.3% CAGR.
The companies are in a race to capitalize on this opportunity. Companies like Microsoft, Google, Nvidia have already dipped their toes into the digital universe.
Big tech firms and startups are pouring huge investments into metaverse and web 3.0 projects. The total investments in the metaverse reached $120 billion in the first 5 months of 2022. It is more than the double total investment made in 2021. In 2021 metaverse investment amounted to only $57 billion.
Dubai seems to be the top performer in the metaverse race. Companies in Dubai are funded by the UAE government to launch new projects and innovations in the metaverse.
Dubai’s Metaverse Strategy is a major step toward being the pioneer in the global metaverse industry.
The strategy aims to increase the metaverse contribution to the Emirates economy to $4 billion by 2030. It will also create 42,000 virtual job opportunities in the region.
Headed by the Dubai Crown Prince, the Metaverse Strategy will increase its contribution to the country’s GDP by 1%.
They also aim to create a task force to track the latest developments and market trends in the metaverse and its related sectors. The committee will focus on achieving the key pillars and objectives of the Metaverse Strategy.
UAE is already leading the metaverse race. Recently, The Economist Impact’s Digital Cities Index 2022 ranked Dubai the 1st country in the Middle East and 18th in the world to adopt advanced technological transformations.
Dubai’s Metaverse Strategy is not a sudden step. It is a well-planned and formulated scheme to make Dubai the global hub of the metaverse and other futuristic technological advancements.
Dubai & The Metaverse
Have a look at the UAE government’s past historical steps to promote the metaverse and become the global leader in the web 3.0 space.
- Recently, The UAE Ministry of Economics launched the first virtual headquarters in the metaverse.
- On 27th December 2021, Dubai launched the world’s first megacity – Metaverse Dubai.
- The virtual megacity replicated the real-life places and locations of Dubai.
- The UAE’s Ministry of Health released a metaverse platform for people to access medical assistance virtually at the start of 2022.
- In March 2022, Dubai Municipality announced to build of Dubai’s twin city – “One Human Reality”.
- In another event, the Dubai Ministry of Economy hosted the world’s first economic summit – “Investopia” in the metaverse.
- In April 2022, Dubai World Trade Centre announced the launch of the Middle East’s first metaverse incubator – “MetaIncubator”.
- Square House, a multibillion-dirham Dubai real estate agency, also announced plans to launch the first metaverse mansions in the region.
- The formation of its Metaverse HQ made Dubai’s Virtual Assets Regulatory Authority the first regulator in history to make its debut in the metaverse, according to an announcement made on May 4th.
- The development of DPMETAWORLD, a platform for digital solutions in the metaverse, was announced on May 26 by DP World, a leading port operator with headquarters in Dubai. DPMETAWORLD is scheduled to launch by the end of the year.
- The German multinational software giant SAP and the Abu Dhabi Department of Economic Development signed a memorandum of understanding on May 19 to accelerate the digital transformation of the UAE. This includes a strategy called “Industry 4.0” to investigate and launch technological initiatives related to the Fourth Industrial Revolution in Abu Dhabi.
- The UAE brought together representatives from 17 national and international IT businesses for the “Champions Network Assembly” in mid-June as part of the Industry 4.0 drive to promote tech adoption in the industrial sector.
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