Dubai’s leaders want the most populous city in the UAE to become one of the ten largest economies in the world.
The Dubai Metaverse Strategy, launched on Monday (18), aims to attract more than 1,000 blockchain and metaverse companies to the city, as well as help create more than 40,000 virtual jobs by 2030, according to the announcement by WhamThe official news agency of the United Arab Emirates.
“This would boost Dubai’s economy and support the government’s vision to increase the current number of blockchain companies by fivefold,” the announcement said.
A study released by Citi in April estimates that the industry around the metaverse will reach a market value of between $8 trillion and $13 trillion by 2030.
• The Metaverse economy could reach $13 trillion, Citi says
Omar bin Sultan Al Olama, Minister of State, said that the Metaverse project is expected to lead the UAE’s efforts to “provide innovative solutions, positively affecting people’s lives and transforming Dubai into one of the smartest centers in the world, providing new economic opportunities.” The United Arab Emirates in the areas of artificial intelligence and the digital economy.
Continue after the announcement
According to the statement, Virtual Reality (VR) and Augmented Reality (AR), which facilitate the metaverse, are currently responsible for 6,700 jobs in the UAE, contributing around US$500 million to the country’s economy.
However, the potential is huge. A 2020 report issued by PwC Consulting and Auditing said that virtual reality and augmented reality technologies could add $4 billion to the UAE economy by 2030.
The country is among the latest to look for opportunities in the Metaverse region – but it’s not alone. In July, the Chinese city of Shanghai unveiled its own strategy to build a secondary economy worth 350 billion yuan (about 52 billion US dollars) by the end of 2025.
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