Part II: Virtual United Arab Emirates

Nitin Antony | 22 Sep 2022 | Middle East perspective

The UAE has established itself as a forward-thinking and future-ready nation and is riding the Metaverse wave with full fervour. Dubai has positioned itself as a frontrunner in the Metaverse race by unveiling the Dubai Metaverse Strategy. The government plans to create global standards for building secure platforms for users and develop regulations and infrastructure to support the adoption of these technologies.

Under the new strategy, Dubai seeks to add USD $4 billion to its GDP in five years by supporting 40,000 virtual jobs in this sector by 2030. Dubai already has over 1,000 metaverse and blockchain companies in the city and is planning to multiply the number of blockchain companies by five times.

The city’s largest corporates have already taken the first step into the metaverse, with Damac Group planning to build digital cities and Emirates prepared to expand its use of the technology. The new strategy also supports development in vital sectors, including education, retail, tourism, remote work, and the legal sector.

Following the rollout of this strategy, Dubai also announced a global event – the Dubai Metaverse Assembly which will be held in September 2022 at the Museum of the Future. The event will see over 300 experts, thought leaders, and policymakers from 40 organizations come together to discuss the capabilities of the Metaverse. The museum has also collaborated with Binance NFT for a project called, “The Most Beautiful NFTs in the Metaverse.”

Dubai is hosting one of the major tech exhibitions – Gitex in October (10th – 14th), accompanied by Future Blockchain Summit, which is a steppingstone for any company who want to do business or learn more on the Web3 space in the UAE and beyond. The future is upon us, stay tuned!