Dubai is getting ready for a makeover.
The Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum aims to generate 40,000 job opportunities and bring $400 cr to the economy through a metaverse strategy. For that, Dubai would invite crypto companies and use emerging technologies. In March, Dubai passed a law related to virtual assets regulations. Moreover, Dubai has also allowed licenses for crypto exchanges to work there.
Sheikh Hamdan said that to support new talents, the country will set up a metaverse community coordinating developers, content creators and digital technology. It has been reported by the official news agency of the UAE. The implementation aspect of the project is not yet known. However, the aim is to make Dubai a superpower by creating metaverse talent, developing metaverse use cases, and incorporating them with the functioning of the Dubai government. It is not yet known how much will be earmarked by the Dubai government for the metaverse project.
In the meantime, Dubai provides more opportunities for companies that focus on metaverse. Companies in Dubai are vying to incorporate technology and focus on metaverse. Dubai Airline Emirates has decided to increase exchanges using NFT and metaverse.
Property development company Damac Properties, and fashion house Roberto Cavalli too are investing in new technology. The companies have set aside Rs $10 cr for creating digital cities in the metaverse. A UAE-based healthcare company is going to launch a hospital on metaverse in October. There, patients can consult doctors through virtual reality.
Sheikh Hamdan’s plan is to make UAE one of the top 10 metaverse economies. Dubai offers ample opportunities for blockchain, the Internet of Things, crypto, and metaverse startups. It is said that metaverse offers a potential of $30 trillion.