Initiative to position the emirate as among the top 10 cities shaping the future of the metaverse.
A new strategy for the metaverse has been unveiled by the Dubai government. This new initiative has plans for formulating 40,000 new jobs and adding $4Bn to the economy of the Emirates within the next five years as continuing efforts in building the digital space are being implemented.
The new initiative, which also has plans to double the number of blockchains and increase the metaverse by a multiple of five, is dubbed The Dubai Metaverse Strategy and it is what can be called an “integrated plan” The plan wants to see the emirate become among the top 10 cities shaping the future of metaverse technology for the foreseeable future. Sheikh Hamdan bin Mohammed spoke on how this plan is the next revolution in technology and how it will affect all aspects of life.
The UAE has made multiple moves in building the metaverse and adoption of cryptocurrency into government and society. A Dubai Virtual Assets Regulatory Authority(VARA) was developed and in May had a Metaverse HQ created making it the first regulator presence in the space. It was established by Sheikh Mohammed bin Rashid who is Vice Preseident and Ruler of Dubai. VARA was formed to create an advanced legal framework protecting investors and providing international standards for virtual assets.
Magnate which is the payments business unit of the First Abu Dhabi Bank produced a new metaverse platform offering access to e-commerce potentials for metaverse consumers.Kraken also teamed up with the National Bank of Ras Al Kaimah offering the ability of trading virtual assets in dirhams.Many more programs have been created to boost the economy and create more web3 related careers. Chainalysis will provide virtual training programmers for the country’s government entities as well.
The initiative has seen a lot of support and acceptance in the emirate nation and the goals to cover all aspects of the development of the metaverse seem to be moving properly forward. The formulation of regulations and developing applications as well as talent acquisition and nurturing are of the utmost importance.
Currently, there are over 1,000 companies working on the metaverse in Dubai alone. These companies contribute $500M to the economy and there is expectation for that number to grow with the initiative.