As one of the most ambitious and technologically advanced cities in the world, Dubai has set its sights on becoming a leading player in the development of the metaverse.
Last year, Dubai introduced its very own ‘Metaverse Strategy’, an ambitious plan to build a thriving virtual ecosystem that blurs the line between physical and digital realities.
The metaverse is a technology that promises disruptive outcomes in the near future. It’s a gateway to immersive experiences, new connections and increased collaborations in a virtual space.
Dubai: Leading the charge in the metaverse
The Dubai Metaverse Strategy was announced by UAE Vice President and Prime Minister, and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum in June 2022. The strategy aims to increase the contribution of the metaverse sector to the emirate’s economy to $4 billion by 2030.
The initiative is being headed by the Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum and focuses on several pillars including innovation, government implementation of metaverse technologies and talent development.
It also seeks to leverage emerging technologies such as virtual, augmented, mixed, and extended reality (VR/AR/MR/XR), blockchain, digital twins, 5G, non-fungible tokens (NFTs), machine learning (ML), and many others.
At the time of the launch, Sheikh Hamdan highlighted how the strategy aims to double the number of metaverse-related companies in the emirate in the next five years.
“The Dubai Metaverse Strategy is the next revolution in the technological and economic field. We have 1,000 companies in Dubai currently working in this sector, which contributes $500 million to our national economy. We expect it to rise strongly during the coming period,” he said.
Furthermore, the strategy aims at ensuring that the metaverse increases its contribution to one percent of the emirate’s overall GDP. Another goal of the strategy, is doubling the number of metaverse and blockchain companies in Dubai, as well as creating 40,000 jobs in the sector.
With the initiative, Dubai plans to promote innovation and increase the economic impact of the metaverse through research and development collaborations. It also focuses on establishing advanced ecosystems with accelerators and incubators that attract investors and companies to emirate.
Furthermore, the strategy prioritises the development of talent and set worldwide benchmarks for constructing secure and trustworthy platforms for users and simultaneously enhance metaverse infrastructure and regulations.
A global hub for innovation
So, why is Dubai investing significantly in the metaverse?
For starters, the metaverse is projected to become a massive industry in the coming years. Current estimates expect business revenues from the metaverse to grow from $180 billion to $400 billion by 2025. And if Dubai can position itself as a key player in the virtual world, it stands to benefit greatly from this growth.
The strategy further strengthens Sheikh Mohammed’s grand vision to make Dubai an international hub for digital innovation, creativity and technology. With the implementation of this visionary plan, technology professionals, investors, and the entire tech community will have access to a wealth of opportunities.
Additionally, the Metaverse Strategy will empower tech professionals with the latest tools, platforms, and applications to create innovative solutions in various fields like AI, robotics, virtual reality, and cloud computing. It’s a game-changer that will enable Dubai to bring different industries together and create an immersive Web3 experience. A place where people can interact with each other and various virtual elements to create a new dimension of reality.
Reshaping the emirate
Dubai has always been a hub for business, tourism, and innovation, and the metaverse has the potential to revolutionise all of these areas.
For businesses, the metaverse presents new opportunities to connect with customers, promote products, and conduct transactions. In the metaverse, companies can create immersive experiences that allow customers to try out products before they buy them, or even create virtual stores where customers can browse and shop in real-time.
Tourism is another area where the metaverse can transform Dubai. In the GCC, the travel and tourism sector has the potential to reap the greatest economic gain from the metaverse with an estimated $3.2 billion by 2030.
As an already popular destination for tourists, the metaverse can take Dubai tourism to the next level. In the metaverse, tourists can experience the city in ways that were previously impossible. They can explore the landmarks, interact with locals, and even visit places they couldn’t have gone before.
Dubai has always been a city that encourages entrepreneurs and innovators, and the metaverse offers new avenues for this. In the metaverse, anyone can create anything they can imagine, from virtual art galleries to immersive gaming experiences.
The possibilities that the metaverse offer are endless. With its strong technology ecosystem, robust business framework and progressive government, Dubai is well-positioned to be at the forefront of this new era of innovation.
