Dubai Reveals Its Metaverse Strategy to Become a Global Hub and Aims for the Top 10.

Declared as one of the top 10 metaverse economies globally, Dubai intends to become a hub for Web3 activity, according to the United Arab Emirates. This Monday, Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai, presented a strategy for the metaverse’s spread within the city. 

The goal of this plan, known as the “Dubai Metaverse Strategy,” is to include more than a thousand Web3 businesses in its industrial network. Estimates from the UAE suggest that throughout the following six years, or until 2030, this project may generate over 40,000 new employees.

In the future years, Dubai intends to put together a state-of-the-art metaverse ecosystem to provide business services connected to technology. The Dubai Metaverse Strategy will explore the applications of the metaverse in several areas, including tourism, education, retail, remote work, healthcare, and law, according to a report published on WAM, the authorized newsagent of the United Arab Emirates.

To ensure that the metaverse technology is sufficiently developed, Dubai will be increasing its efforts to do research and development on additional technologies, such as augmented reality (AR), virtual reality (VR), and mixed reality (XR). These are essential elements of the metaverse technology as a whole, and they have already added $500 million to the UAE’s GDP and 6,700 new jobs.

The statement went on to say that the strategy uses blockchain, IoT, AI simulation, real-time data, and machine learning to enhance human cognitive processes.

Estimates of the metaverse market’s growth by 2030 vary throughout market research organizations. MarketsandMarkets.com projects that the market will reach a value of $1,303.4 billion by 2030, whereas PS Market Research, Statista, and Precedence Research estimate that it will only reach $1,157 billion, $507 billion, and $1.3 trillion, respectively.

The most current research from the World Economic Forum (WEF) projects that about 700 municipalities will have metaverse infrastructure by 2030. However, the top three sites in the worldwide metaverse sector as of right now are Seoul, South Korea, Dubai, United Arab Emirates, and Santa Monica, California.

Dubai has begun taking steps to be one of the first places where metaverse technology is used. For instance, in September 2022, the UAE’s Ministry of Economy made its metaverse debut.

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