Dubai wants metaverse to contribute $4bn to its economy by 2030

The Dubai government will form a dedicated task force to track the latest developments in the digital economy as it looks to leverage opportunities within the metaverse.

The directives to set up the task force was issued by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance at a meeting of the Dubai Council on Thursday.

The move is part of the directives issued by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, during the previous meeting of the Dubai Council wherein he directed the formation of a higher committee to supervise technological developments in the emirate.

Sheikh Hamdan noted that the committee had started work on key pillars and the objectives of the Dubai Metaverse Strategy.

.@HamdanMohammed, @MaktoumMohammed review vital technology trends in the metaverse and issued directives to form a task force to track the latest developments in the digital economy. #Dubai https://t.co/oY819Rs5MU pic.twitter.com/lVtk79uYLT

— Dubai Media Office (@DXBMediaOffice) May 19, 2022

The strategy aims to increase the contribution of the metaverse sector to Dubai’s economy to $4bn by 2030 and increase its contribution to Dubai’s GDP to 1 per cent.

The committee aims to implement metaverse technologies that can help improve the performance of resident surgeons by 230 per cent and increase the productivity of engineers by 30 per cent, in addition to supporting 42,000 jobs to become virtual.

During the meeting this week, Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, and Chairman of The Dubai Chamber of Digital Economy, outlined how Dubai stands to benefit from the metaverse in a way that enables it to generate business opportunities beyond its physical borders.

The committee is currently working on identifying opportunities and challenges to further the development of the legislative framework that covers this sector. In addition, the committee is working on qualifying human capital to be able to leverage opportunities within the virtual world.

The metaverse combines elements of social media, augmented reality, virtual reality, video games, cryptocurrencies, and other advanced technologies.

Current estimates expect business revenues from the metaverse to grow from $180bn to $400bn by 2025.

Earlier this month, Dubai’s Virtual Assets Regulatory Authority (VARA) said it had entered the metaverse with the establishment of its Metaverse HQ, making it the first regulator to have a presence in the emerging digital space. VARA’s MetaHQ will utilise The Sandbox platform, an Ethereum blockchain-based application that allows users to create, sell and purchase digital assets.

Read: Dubai’s Virtual Assets Regulatory Authority enters the metaverse with Sandbox HQ

Earlier this week, Dubai’s Museum of the Future said that it aims to develop and launch a range of digital products on the blockchain platform, starting with its first-ever NFT collection – The Most Beautiful NFTs in the Metaverse, in collaboration with Binance NFT.

Read: Dubai’s Museum of the Future partners with Binance to issue NFTs