Dubai Metaverse Strategy Attempts To Place The Middle Eastern City On The Metaverse Map

The Crown Prince and Prime Minister of Dubai have jointly launched the Dubai Metaverse Strategy with the aim of transforming the city of the Middle East into one of the world’s top Metaverse economies and becoming a global hub for the Metaverse community.

Dubai has been able to attract approximately 1,000 blockchain and metaverse-based companies so far. This is the position that Dubai’s new strategy wants to take advantage of. In this regard, this strategy has come up with an ambitious proposal to create 40,000 “virtual” jobs by 2030. Given the lack of FinTech talent that is currently strangling the industry, it’s a daunting task.

This strategy is expected to quintuple the number of related companies in the city during the same period.

Dubai continues to promote itself as follows: the The destination of the Metaverse technical test and its supporters want to improve the impact of the Metaverse on both the local and global economies.

Comment on the start of the strategy and Omar Bin Sultan Al OramaThe Minister of Artificial Intelligence (AI), Digital Economy, and Telework Applications reiterated the importance of designing the future with new digital strategies for adopting the Metaverse in critical sectors.

He realized how Metaverse could provide innovative solutions, positively impact people’s lives and turn cities into one of the smartest hubs with abundant economic opportunities.

This strategy aims to promote innovation, enhance Metaverse’s economic contribution through R & D collaboration, and promote the ecosystem with accelerators and incubators that attract companies and projects to Dubai.

It emphasizes talent development and investment in future features by providing the necessary support for Metaverse education for developers, content creators and users of the Metaverse community’s digital platforms.

This strategy supports the development of Web3 technology and its applications, creating new government work models and developments in key sectors such as tourism, education, retail, remote work, health care and legal.

It also aims to develop global standards for building secure and secure platforms for users, and to develop metaverse infrastructure and regulations to accelerate the adoption of these technologies.

The main pillars of this strategy focus on augmented reality (a blend of physical and virtual worlds), augmented reality (AR), virtual reality (VR), mixed reality, and digital twins (virtual representations of objects or systems). I’m guessing.

It also aims to leverage real-time data using machine learning and IoT, and use AI simulation and blockchain to enhance human thinking processes.

Data, network, cloud, and edge computing are pillars of technology in metaverse strategies that focus on the actual data that is acquired, validated, stored, processed, and managed.

Other pillars include facilitating the full deployment of 5G networks to enable edge computing and provide on-demand computer system resources. Edge computing allows you to collect, store, and process data locally via smart devices and local networks instead of the cloud.

VR and AR are the two major drivers of the Metaverse, carrying 6,700 jobs and contributing $ 500 million to the UAE’s economy. This is expected to increase significantly in the future. The Metaverse offers a range of financial opportunities.

Globally, the value of Metaverse venture capital and private equity finance reached $ 13 billion in 2021, while Metaverse real estate sales exceeded $ 500 million last year.

Second life – A virtual world where participants can explore fantasy landscapes and build their own landscapes – contributed more than $ 650 million to global GDP in 2021. Metaverse has also achieved 200 strategic partnerships. sandboxDistributed game virtual world. Warner Music Group As a virtual world with the theme of Metaverse music.

Analysts predict that the Metaverse will contribute up to $ 5 trillion to the global economy by 2030. The market value of NFTs is expected to reach $ 80 billion, and consumer spending on in-game purchases is projected to reach $ 75 billion by 2025.

According to a recent survey, Roblox, one of the world’s leading metaverse communities, has grown to 55 million daily active users. At the same time, 59% of global consumers are enthusiastic about migrating at least one of their daily activities to the Metaverse.

The Prime Minister of Dubai has instructed the government team to begin developing the strategy 60 days before it begins. This strategy facilitates the adoption of connected networks in virtual space, strengthens the welfare of the Dubai community, strengthens initiatives, and makes it a role model for Metaverse technology with a robust digital infrastructure.

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