In order to rank among the top ten metaverse economies globally and to create “the region’s most robust and biggest ecosystem for the metaverse community,” Dubai unveiled a new plan.
The plan intends to expand on Dubai’s success in attracting more than 1,000 firms in the sectors of blockchain and metaverse and will assist Dubai in realizing its goal of providing more than 40,000 virtual employment by 2030.
According to Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, the action would not only strengthen Dubai’s economy but also advance the UAE government’s goal of tripling the current number of blockchain businesses.
Some claim that participating in the metaverse entails engaging online. While others assert that it is a 3D representation of the internet.
It may be thought of as a communal online virtual environment that is interactive, immersive, and hyper-realistic.
The Crown Prince stated that 59 percent of global customers are eager to shift at least one of their regular activities to the metaverse. And that researchers predict the metaverse would contribute up to $5 trillion to the world economy by 2030.
Real estate sales in the metaverse exceeded $500 million last year. And venture capital and private equity funding in the metaverse collectively reached $13 billion in value in 2021.
Dubai’s intention is to take advantage of this. As a result, its policy encourages the growth of Web3 technology and its applications. To establish new governmental work models and spur development in industries like tourism, education, retail, remote work, healthcare, and the legal sector.
According to Sheikh Hamdan bin Mohammed, the metaverse is a promising virtual environment. By utilizing this technology, we want to improve living conditions both in the UAE and throughout the world.
The plan also intends to create international standards for creating user-safe and -secure platforms. While creating the framework and rules to hasten the adoption of these technologies.
The main pillars of the plan are on digital twins, augmented reality, virtual reality, and mixed reality as well as extended reality. Which combines the actual world with the virtual one (a virtual representation of an object or system).
The goal is to make use of real-time data, machine learning, and the Internet of Things.
The full implementation of 5G networks is one of the other pillars. Which will enable edge computing and offer computer system resources on demand.
The metaverse’s two primary enablers, VR and AR, have already generated 6,700 jobs and $500 million in economic activity in UAE. Future projections indicate a sharp rise in this.
The UAE AI Strategy aims to advance the UAE’s position as one of the world’s leading nations in cutting-edge industries. According to Omar bin Sultan Al Olama, Minister of State for Artificial intelligence, Digital Economy, and Remote Work Applications.
The Dubai Metaverse Assembly is a worldwide gathering of regional and international specialists in Dubai to determine the metaverse’s future. And exploring its promise and prospective uses has also been introduced by Sheikh Hamdan.
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