Thursday, May 23, 2024

Dubai Aims for Top 10: Unveils Metaverse Strategy to Become Global Hub.

The United Arab Emirates, which aims to become a hub for Web3 activity, has declared Dubai to be among the top 10 metaverse economies globally. The ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, unveiled a plan this week for the expansion of the metaverse in Dubai. This strategy, dubbed the “Dubai Metaverse Strategy,” seeks to integrate more than a thousand Web3 companies into its industrial ecosystem. According to UAE estimates, this initiative might create over 40,000 jobs over the next six years, until 2030.

Dubai plans to weave together a cutting-edge metaverse ecosystem in the upcoming years to provide technology-related services to businesses. According to a statement posted on WAM, the official news agency of the United Arab Emirates, the Dubai Metaverse Strategy will test the uses of the metaverse in a number of industries, including tourism, education, retail, remote employment, healthcare, and legislation.

Dubai will be boosting its efforts to perform research and development on other technologies, including augmented reality (AR), virtual reality (VR), and mixed reality (XR), in order to guarantee that the metaverse technology is adequately fostered. These are crucial components of the metaverse technology as a whole, and they have already increased employment in the UAE by 6,700 and contributed $500 million to the country’s GDP.

The statement further stated that the approach intends to improve human thought processes by utilising real-time data, machine learning, IoT, AI simulation, and blockchain.

Various market research firms offer varied estimates regarding the metaverse market’s growth by 2030. The market is expected to grow to be worth $1,303.4 billion by 2030, according to MarketsandMarkets.com, whereas PS Market Research, Statista, and Precedence Research predict that it will only reach $1,157 billion, $507 billion, and $1.3 trillion, respectively.

According to the World Economic Forum’s (WEF’s) most recent report, by 2030, around 700 towns will have some form of metaverse infrastructure. However, as of right now, Santa Monica, California, Dubai, United Arab Emirates, and Seoul, South Korea, have been identified as the top three locations in the global metaverse industry.

Dubai has started implementing measures to be among the first to use the metaverse technology. For example, the UAE’s Ministry of Economy debuted in the metaverse in September 2022.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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