Dubai’s Metaverse Plan Aims for Top Ten Economy Status

The UAE is positioning itself as a hub for Web3 activities by aiming to establish Dubai as one of the world’s top ten metaverse economies. Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum recently announced the ‘Dubai Metaverse Strategy’, a plan to attract over a thousand Web3 firms to its industrial ecosystem. This initiative is expected to create about 40,000 jobs by 2030.

Dubai plans to build a cutting-edge metaverse ecosystem to support companies offering metaverse-related services. The Dubai Metaverse Strategy will test metaverse applications in sectors such as tourism, education, retail, remote work, healthcare, and legalities, as reported by the official news agency WAM.

To support the growth of metaverse technology, Dubai will focus on research and development in technologies like Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (XR). These technologies are crucial elements of the metaverse tech and have already contributed 6,700 jobs and $500 million to the UAE economy.

The strategy also aims to utilize real-time data, machine learning, IoT, AI simulation, and blockchain to enhance cognitive processes. Market research firms have varying projections for the growth of the metaverse market by 2030, with estimates ranging from $507 billion to $1.3 trillion.

According to the World Economic Forum, approximately 700 cities worldwide are expected to have some form of metaverse infrastructure by 2030, with Seoul, Dubai, and Santa Monica leading in the international metaverse sector. Dubai has been actively embracing metaverse technology, with the UAE ministry of economy making its metaverse debut in September 2022.