The plan, as introduced by the Dubai Crown Prince, is expected to create 40,000 virtual jobs and add $4 billion to the city’s GDP in the next five years.
Under a new strategy, Dubai hopes to break into the top ten metaverse economies in the world. This strategy envisions the sector sustaining as many as forty thousand more virtual jobs. Within the next five years, this increase in jobs is estimated to contribute $4 billion to the city’s GDP.
Government’s objectives
According to the state-run WAM news agency, the government’s goal is to set global standards for the construction of safe and secure platforms for users. Along with this, it also aims to develop the infrastructure and regulations necessary to speed up the adoption of these technologies.
The plan of action was introduced by the Crown Prince of Dubai, Sheikh Hamdan bin Mohammed. It lines up to lend support to the government’s objective of growing the number of blockchain enterprises by a factor of five in a span of five years. According to Sheikh Hamdan, Dubai has so far already become home to more than a thousand enterprises operating in the metaverse and blockchain sectors. These divisions collectively contribute $500 million to the national economy.
According to the report by WAM, the plan places a strong emphasis on cultivating talent and investing in future capacities by providing the required support in metaverse education targeted at developers, content creators, and consumers of digital platforms within the metaverse community.
The most substantial and successful businesses in the city have already begun to explore the metaverse. Emirates has indicated that it intends to increase its utilisation of the technology. On the other hand, the Damac Group intends to construct digital cities. As reported by the Khaleej Times, healthcare company Thumbay plans to launch a hospital in the metaverse. This institution will be available for virtual consultations over the next few months.
While this is going on, Dubai has already started making efforts to entice cryptocurrency companies from all over the world. Licences have already been issued in the city to some of the most prominent cryptocurrency and financial technology companies in the world. These include Binance and FTX.
