With a new plan, Dubai hopes to become one of the top 10 metaverse economies in the world, with the sector expected to generate up to 40,000 additional virtual jobs and $4 billion in additional GDP over the next five years, according to Bloomberg.
According to the state-run WAM news agency, the government wants to create infrastructure and rules to hasten the adoption of these technologies and establish international standards for creating safe platforms for users.
Sheikh Hamdan Bin Mohammad Bin Rashid al-Maktoum (L), crown prince of Dubai, presents the owners of US horse California Chrome celebrate with the trophy after their horse won the Dubai World Cup race, during the Dubai World Cup horse racing event on March 26, 2016 at the Meydan racecourse in the United Arab Emirate of Dubai.
Tripling Blockchain Enterprises
The strategy, announced by Sheikh Hamdan bin Mohammed, the Crown Prince of Dubai, intends to assist the government's objective of tripling the number of blockchain enterprises in five years.
According to Sheikh Hamdan, Dubai is now linked to more than 1,000 enterprises in the blockchain and metaverse industries, generating $500 million for the local economy.
WAM reported that the plan strongly emphasizes developing talent and making investments in future capacities by offering the necessary assistance for metaverse education geared toward developers, content creators, and consumers of digital platforms in the metaverse community.
The largest businesses in the city have already entered the metaverse. While Damac Group intends to create digital cities, Emirates has stated that it will increase the use of more advanced technologies. According to Khaleej Times, healthcare company Thumbay will also launch a hospital in the metaverse for virtual consultations.
Read also: 'Metaverse Standards Forum': Meta, Microsoft, NVIDIA, and MORE Join Together for Interoperability
Dubai Metaverse Assembly
A worldwide event bringing together regional and international specialists in Dubai to influence the future of the metaverse and discover its possible uses was also introduced by Sheik Hamdam on Tuesday.
The Museum of the Future and Emirates Towers will be the sites of the DFF's upcoming Dubai Metaverse Assembly, which will examine how the revolutionary technology may be applied across key industries to improve humanity's future and quality of life.
More than 300 international professionals, legislators, industry leaders, and public figures from more than 40 organizations will attend the gathering.
Participants will take part in seminars and workshops on analyzing the metaverse, its effects on humanity, the prospects for humanizing its applications, and the best ways to take advantage of opportunities in various strategic fields.
Within a 15 timeframe, the global market size for the metaverse is estimated to range from $10 trillion to $30 trillion, demonstrating the enormous potential of the new social platform.
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Written by Joaquin Victor Tacla
