Dubai’s Crown Prince Launches New Metaverse Strategy

Dubai is no longer resting on its laurels as the Middle East powerhouse continues as its steady push for economic growth. Accordingly, the Crown Prince, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, has released a new roadmap for the planned Metaverse expansion.

Sheikh Hamdan seeks to increase the number of blockchain and metaverse firms in the UAE. The Chairman of the Dubai Executive Council highlights the plans on Monday in Dubai.

Dubai Eyes Top 10 Metaverse City Spot


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The Metaverse Strategy aims to position Dubai as one of the top 10 virtual cities in the world. With this plan, the Metaverse strategy is expected to bring a whopping Dh4 billion to the UAE’s economy over five years.

The project is also expected to create about 40,000 jobs in the virtual space to engage the locals.

Sheikh Hamdan noted that the next economic revolution is digital, commenting on the launch of the Metaverse strategy. Technology has revolutionalized work and how it is done. Economic sectors are fast changing in line with the dynamic nature of work.

The crown prince added that technology would alter most aspects of life and work in the next two decades.

So far, about 1,000 firms in Dubai are working in the metaverse sector. The companies contribute $500 million to the national economy annually. Sheikh Hamdan disclosed that they expect the annual contribution of the sector to double in the coming years.

Meanwhile, part of the Metaverse strategy includes the education and training of promising individuals in the virtual ecosystem. Others include the development of the Metaverse application and integrating it into government agencies’ use.

The government has adopted previous Blockchain initiatives. One is training government officials in the workings of blockchain technology and its applications in public service. 

The UAE Aspirations

Since the adoption of cryptocurrencies and the blockchain technology explosion, the United Arab Emirates has a story to tell. The Gulf nation is one of several countries to have invested in developing and expanding the digital asset industry.

With a blossoming market aided by investor-friendly regulations, Dubai is taking a leading role in the digital economy. Moreover, the Dubai Virtual Assets Regulatory Authority (VARA) has been instrumental in the expansion of the digital ecosystem in the region.

Binance, FTX, and other top crypto exchanges have found a home in Dubai, having been granted approval licenses by VARA. Similarly, blockchain companies are beginning to spring up following the UAE’s push for international players to invest in the region.


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Currently, attention has shifted to the metaverse after some established firms opened virtual versions of their businesses. With the metaverse project coming on board, Dubai will look to dominate the virtual space in the next decades.

As revealed by Sheikh Hamdan, the new initiative will position Dubai as a Metaverse hub and boost its economic growth.

The Gulf nation is one of the biggest investors in the digital asset space. The government has continued to supplement private investment drive to expand the metaverse.


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