Last Updated on April 27, 2023 by Tabraiz
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai is at the forefront of the Dubai Metaverse Strategy. An initiative which aims to make Dubai among the top 10 economic cities globally.
Along with Dubai, other emirates in the UAE have taken steps to include the metaverse. Its related strategies are in business, society, and community. Metaverse is set to revamp the country’s economy and increase the GDP.
Strategic projects involving cooperation with business sector participants and events aiming at making the emirate a hub for regional and worldwide metaverse-related events are also part of the aims.
The initiative is to capitalize on Dubai’s success in attracting 1,000+ blockchain and metaverse startups. It also highlights Dubai’s goal of supporting over 40,000 virtual jobs by 2030.
The Dubai Metaverse Strategy aims to achieve the following goals:
- Encourage innovation in businesses and increase the economic contributions of the metaverse through R&D collaborations.
- Develop advanced ecosystems through accelerators and incubators that attract firms and projects to Dubai
- Foster talent and invest in future capabilities by providing necessary support in metaverse education (for metaverse developers, content creators, and users of digital platforms in the metaverse community
- Develop Web3 technology and its applications to create new governmental work models and development in critical sectors such as tourism, education, retail, remote work, healthcare, and the legal sector
The strategy aims to support up to 40,000 more virtual jobs and produce up to $4 billion in GDP for the city by 2030. These occupations will primarily be in augmented and virtual reality.
Khalfan Belhoul, CEO of Dubai Future Foundation (DFF), highlighted how the metaverse would most certainly permeate every sector in some capacity in the coming years, with a business opportunity estimated to be worth more than $1 trillion in yearly profits.
The core values of the strategy are as follows:
- Extended reality
We are offering a perfect blend of both the virtual and the real world.
- Digital twins
This is a digital representation of the real-world product, such as simulation, integration, testing, monitoring, and maintenance.
- Augmented reality (AR)
AR is a mixed-reality experience that blends real-world and computer-generated content. The material may include visual, aural, and other sensory modalities.
- Virtual reality (VR)
A simulated and immersive experience in the virtual world. Virtual reality functions include entertainment, education, and business.
- Mixed reality
Similar to Augmented Reality (AR), it integrates the physical and virtual worlds. Objects and avatars can co-exist in this space and interact in real time.
As an emerging space, the metaverse is people can engage, enjoy and conduct business activities in virtual worlds using avatars. It is a component of Web3, the internet’s next evolutionary stage. It includes blockchain, decentralization, and increased user utility as fundamental components.
The Dubai Metaverse Strategy intends to improve human thinking processes by harnessing real-time data. Its utilizes machine learning and IoT and utilizing AI simulation, and blockchain.
Setting up in the metaverse comes with its many benefits, including:
– Better collaboration and content creation
– More accurate representations of the real world
– Access to unattainable or hard to reach experiences
– Untaps better networking and social activities and events between individuals and teams
Other pillars include encouraging a full 5G network rollout to enable edge computing and supply on-demand computer system resources.
In line with the latest strategy and the aim to expand the current job market, entrepreneurs and foreign investors seeking to tap into the metaverse community can apply for a metaverse business license. To ensure you understand the rules, regulations, and framework of obtaining the license and conducting operations in the metaverse community, you can seek expert assistance. PRO experts can guide you through the entire process and do the necessary work for you.
Earlier in November, the Dubai Chamber of Digital Economy received 153 applications from 27 countries for the “Future of the digital economy: business in the metaverse” academy, which is newly launched.