Dubai to Create 40,000 Metaverse Jobs Within 5 Years
Dubai is ramping up its metaverse efforts with the launch of the Dubai Metaverse Strategy which aims to create 40,000 metaverse jobs in the next five years and catapult the country into the top 10 metaverse economies.
The Dubai Metaverse Strategy is envisioning the city’s metaverse sector supporting up to 40,000 new virtual jobs and adding $4 billion to its economy within 5 years.
The Dubai government aims to develop global standards for the development of safe and secure platforms for users as well as the building of the infrastructure and regulations for accelerating the adoption of metaverse technologies.
Regionally, Dubai is aiming to become a metaverse hub while globally, it aims to propel itself into one of the top 10 cities that will help shape the metaverse.
The Dubai metaverse strategy was launched by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and the Ruler of Dubai.
The strategy is aiming to transform Dubai into a global metaverse hub with a primary focus on Artificial Intelligence (AI) and Web3.
The Dubai Metaverse Strategy aligns with the United Arab Emirates AI Strategy to help enhance the status of the Emirates as one of the leading players in emerging and futuristic technologies.
The strategy covers areas such as research and development (R&D) collaborations aimed at enhancing the economic contributions of the metaverse. It touches on the use of accelerators and incubators to draw in projects and companies from abroad. It also delves into supporting metaverse education that is geared at developers, content creators, and digital platform users in the metaverse economy.
The metaverse strategy’s framework will also be incorporated in new government work models in areas such as education, remote work, tourism, retail, healthcare, and the legal sectors. The key pillars of the metaverse strategy include augmented reality (AR), extended reality, virtual reality, mixed reality, and digital twins.
The strategy recommends the promotion of the full deployment of 5G networks that will support edge computing and enable data to be collected, stored, and processed locally through smart devices as well as local networks rather than in the cloud.
The strategy states that Virtual Reality and Augmented Reality have so far generated 6,700 jobs and added $500 million to the economy of the UAE.
The global private equity and venture capital financing in the metaverse stood at $13 billion in 2021 and metaverse real estate sales exceeded $500 million in the same year with these numbers rising in 2022.
Dubai is already running some major metaverse projects. The “Museum of the Future” in Dubai will be hosting a global metaverse event in September 2022. The event is expected to attract 300 experts as well as 40 organizations with discussions focusing on the possibilities the metaverse can offer humanity. Some of the discussions at the event will occur in the metaverse.
We launched the Dubai Metaverse Strategy today, which aims to foster innovation in new technology. Dubai is home to over 1,000 companies operating in the metaverse and blockchain sector, which contributes $500 million to our national economy. pic.twitter.com/J1XRmd2ub3
— Hamdan bin Mohammed (@HamdanMohammed) July 18, 2022
In a Tweet, Dubai’s Hamdan bin Mohammed says that the city is already home to more than 1,000 companies that are in the metaverse and blockchain sectors and which generate over $500 million annually. Under Dubai’s Metaverse Strategy, the number of these companies will grow fivefold by 2027.
One such metaverse project is the billion-dollar real estate conglomerate Damac Group’s quest to build digital cities in the metaverse.
From the beginning of June this year, the Dubai Virtual Assets Regulatory Authority (VARA) has been issuing or extending virtual assets licenses for some of the leading global crypto platforms.