Dubai to Speed Up Metaverse Efforts with 40k new Jobs

Dubai to Speed Up Metaverse Efforts with 40k new Jobs

 

One of the leading and fastest growing Cryptocurrency hubs in the Middle East, the Emirate of Dubai has launched its Dubai Metaverse Strategy that objects to turn it into one of the top Metaverse economies across the globe. In order to speed up this strategy, Dubai will create 40k job openings by 2030. 

 

Last Monday, the Emirates News Agency reported the launch of the Dubai Metaverse Strategy by Vice President, Prime Minister and Ruler of Dubai H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.

 

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Prime minister, Al Maktoum hopes to transform the e\Emirates of Dubai into a global technology hub, primarily based on innovations in artificial intelligence (AI) and Web3 space. The Dubai Metaverse Strategy also goes in line with the objectives of the United Arab Emirates (UAE) AI Strategy to enhance the country’s reputation as one of the world’s leading countries in futuristic sectors by investing in new and innovative technologies.

 

 

The Dubai Metaverse Strategy will also include Research and Development (R&D) partnerships to enhance the metaverse’s economic contributions, utilizing accelerators and incubators to attract organizations and projects from major economies while providing support in metaverse education aimed at web developers, content creators, influencers and users of digital platforms in the metaverse community.

 

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New government work models in tourism, education, retail, remote work, healthcare and the legal space are promised to be created within this Strategy’s framework. Its key pillars are, Augmented Reality (AR), Virtual Reality (VR), Mixed Reality (MR) and digital twins — a virtual representation of an object or system.

 

The Strategy also recommends promoting the full deployment of 5G networks to enable edge computing, which would allow data to be collected, stored and processed locally via smart devices and local networks instead of the cloud.

 

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According to the release, VR and AR have created 6,700 jobs and contributed $500 million to the UAE’s economy. Across the globe, the value of venture capital and private equity financing in the metaverse reached $13 billion in 2021 while real estate sales in the metaverse surpassed $500 million last year.

Since the beginning of June, the Dubai Virtual Assets Regulatory Authority (VARA) issued or extended the virtual assets licenses to several key cryptocurrency platforms, such as Crypto.com, Huobi and OKX.

 

Last year, Dubai Multi Commodities Centre (DMCC) Crypto Centre was launched to promote cryptographic and Blockchain Technology in Emirates of Dubai. Over 100 organizations in the Cryptocurrency space are part of DMCC. According to the executive chairman and chief of DMCC, UAE will be home to more than 1000 cryptocurrency firms by the end of 2022.