“Mohammed bin Rashid Al Maktoum wants to create the Emirate a center for technology with a special focus on Web3 technology and Artificial Intelligence (AI).”

Dubai is highly popular around the globe for its initiative to welcome new metaverse trends. The city hopes to rank among the top 10 metaverse economies globally by 2030. H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, Vice President, and Prime Minister, declared the launch of the Dubai Metaverse Strategy on July 18, 2022.

The strategy aims to work with over 1000 blockchain and metaverse companies and introduce over 40,000 virtual jobs. As the leading cryptocurrency hub in the Middle East, Dubai is now prepared to grow its blockchain and metaverse industries with its Dubai Metaverse Strategy.

With the introduction of this Metaverse Strategy, there will be more advancements in the software development community. This comprehensive plan will uplift Dubai’s goal to become a world leader in this innovative field.

“This sector, which generates $500 million for the national economy, is presently employed by 1,000 companies in Dubai, and there are strong projections for its future growth.”

Virtual reality (VR) and augmented reality (AR), two metaverse-based technologies, are recruiting 6,700 people in the United Arab Emirates and boosting the country’s GDP by nearly $500 million. Based on this, we are a full-service software development company that applies its best practices and developed AR/VR solutions from planning and consulting to developing, deploying, and providing support for the program in Custom AR/VR Development.

Note: This article aims to provide information about the Dubai Metaverse Strategy and the latest Metaverse trends. However, it does not serve to provide any financial aid or trading guidance. We strongly advise our readers to conduct their research or hire a financial advisor to make better decisions for your company.

Dubai’s Metaverse Masterplan: An Integrated Strategy

Dubai has a well-defined plan for success that covers many important areas:

Prioritizing Top Talent:

Dubai wants to attract more than 1,000 blockchain and metaverse businesses to its borders. This talent pool will play an important role in supporting innovation, helping Dubai to attain the role of a metaverse industry center. Just think of it as establishing a collaborative setting and drawing the best brains to the metaverse, just like Silicon Valley.

Virtual Job Boom:

According to the strategy, over 40,000 new virtual jobs will be created by 2030. This showcases the city’s passion for supporting a robust metaverse economy. Moreover, these jobs will not be limited to technologists or gamers. Just imagine virtual tour guides leading tours through historical recreations, virtual architects creating buildings within the metaverse, or even virtual fashion designers creating clothing for avatars. The options are very impressive.

Focus on Research and Development (R&D):

Dubai understands the value of ongoing progress. The Dubai Metaverse Strategy gives importance to funding research and development for supporting technologies such as virtual reality (VR), augmented reality (AR), and extended reality (XR). This will further advance the technology’s worldwide development and stimulate innovation within Dubai’s metaverse ecosystem. Think about advances in AI that produce lifelike virtual experiences or haptic technology innovations that enable us to “feel” virtual items.

The plan supports using Web3 Technology and its applications to create new government work models and promote expansion in important sectors such as tourism, education, retail, remote work, healthcare, and the legal industry. The strategy also intends to develop metaverse infrastructure and laws to expedite the deployment of these technologies. Additionally, it aims to create international standards for creating user-safe and secure systems.

Yahya John Ghemrawi, the CEO of the cryptocurrency company GroveToken, will serve as the managing director for the upcoming metaverse project in Dubai. Let us tell you some interesting news. Dubai is now included in the list of nations that have enacted cryptocurrency legislation, including Singapore, the US, the UK, and El Salvador, by revealing its first virtual asset regulations in March 2022. Since June 2022, numerous prominent cryptocurrency platforms, such as Crypto.com, Huobi, and OKX, have received virtual asset licenses from the Dubai Virtual Assets Regulatory Authority (VARA).

The Race Towards Metaverse Future

According to Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, “the metaverse, in particular, would help provide creative solutions and hasten Dubai’s transformation as a global hub for new economic opportunities.”

The future is here with Dubai’s impressive Metaverse Strategy. The city will play a big role in determining the direction of the metaverse. Dubai isn’t the only competitor, though. Major tech companies and other nations also invest heavily in constructing the metaverse. Without a doubt, this international rivalry will spur innovation and result in even more incredible breakthroughs in the future. In addition, the Dubai International Financial Centre (DIFC) recently introduced a metaverse-based project named DIFC Metaverse Platform. The main purpose of this project is to establish Web3 initiatives and promote better growth in the metaverse community. One thing is certain: as technology advances, everyone will eagerly observe Dubai to see how it manages to turn their grand vision into a vibrant metaverse and develop future metaverse trends.

Bottom Line:

Dubai’s ambitious Metaverse Strategy is only complete with the expertise of innovative companies. Moreover, Dubai is strengthening its position in the digital frontier by announcing a collaborative Alliance, detailed Guidelines, and a skill-enhancing Pioneers program, among other major initiatives to support its Metaverse Strategy. The Crown Prince of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, has approved the Dubai Program for Gaming 2033 and expanded Dubai’s Metaverse Strategy. These programs highlight Dubai’s goal to be a leader in the Web3 space, and government agencies are moving in that direction with increasing regularity.