Dubai to build up metaverse efforts with 40,000 new jobs

The emirate launches its Dubai Metaverse Strategy, aiming at the world’s top 10 metaverse economies.

One of the leading crypto hubs within the geographical region, the emirate of Dubai, launches the Dubai Metaverse Strategy that aims to show it into one in every of the world’s top 10 metaverse economies. The strategy promotes Dubai’s ambitions to support quite 40,000 virtual jobs by 2030.

On Monday, the Emirates press association reported o the launch of the Dubai Metaverse Strategy by vp, Prime Minister and Ruler of Dubai H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.

Al Maktoum hopes to rework the emirate into a world tech capital, focusing totally on AI (AI) and Web3. The Dubai Metaverse Strategy goes in line with the objectives of the United Arab Emirates AI Strategy to boost the nation’s status mutually of the world’s leading countries in futuristic sectors by investing in new technologies.

The Dubai Metaverse Strategy will include research and development (R&D) collaborations to reinforce the metaverse’s economic contributions, utilizing accelerators and incubators to draw in companies and projects from abroad, and providing support in metaverse education aimed toward developers, content creators and users of digital platforms within the metaverse community.

New governmental work models in tourism, education, retail, remote work, healthcare and also the legal sector are promised to be created within the Strategy’s framework. Its key pillars are said to be extended reality, augmented reality (AR), computer game (VR), mixed reality and digital twins — a virtual representation of an object or system.

Related: Web3 dominates capital interest in blockchain industry in Q2 2022

The Strategy suggests promoting the total deployment of 5G networks to enable edge computing, which might allow data to be collected, stored and processed locally via smart devices and native networks rather than the cloud.

According to the discharge, VR and AR have created 6,700 jobs and contributed $500 million to the UAE’s economy. Globally, the worth of working capital and personal equity financing within the metaverse reached $13 billion in 2021 while realty sales within the metaverse surpassed $500 million last year.

Since the start of June, the Dubai Virtual Assets administrative body (VARA) issued or extended the virtual assets licenses for several key crypto platforms, like Crypto.com, Huobi and OKX.