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Dubai plans to add 40,000 virtual jobs to its economy through metaverse

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Pavan A Follow

INDIA

Jul, 20 2022

Jul, 20 2022

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Dubai, which is considered one of the world's leading crypto hubs, has launched the Dubai Metaverse Strategy in an effort to become one of the world's top 10 metaverse economies by 2030.

By creating 40,000 new virtual jobs in the metaverse sector, Dubai's Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum aims to add $4 billion to Dubai's GDP.

The Dubai Metaverse Strategy aims to make the emirate a global technology capital, focusing mainly on artificial intelligence (AI) and Web 3. UAE is aiming to enhance its position as a technological leader by investing in the future.

On July 18, Sheikh Hamdan announced that the city supports innovation and is working on building the city's blockchain stack and metaverse.

“We launched the Dubai Metaverse Strategy today, which aims to foster innovation in new technology."

He added, "Dubai is home to over 1,000 companies operating in the metaverse and blockchain sector, which contributes $500 million to our national economy.”

A major goal of the strategy is to deploy 5G networks for edge computing. This allows smart devices and local networks to collect, store, and process data locally, rather than via cloud services.

There is increasing interest in Dubai becoming a crypto hub, with DAMAC Properties, a leading luxury real estate developer in Dubai, announcing in late April it will provide crypto users with the ability to convert their cryptos to fiat and sell real estate to bitcoin and Ethereum holders. Furthermore, the Al Jalila Foundation, a charity run by the UAE Prime Minister, opened its donation channels to crypto in June.


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Pavan A

CBW - External Analyst

INDIA

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