Quick take:
- Dubai has created a task force to track the digital economy.
- The Emirati City said on Thursday it expects its investments in the metaverse to inject $4 billion into the economy by 2030.
- Dubai also expects the sector to create 42,000 virtual jobs within the next eight years.
Dubai is one of the world’s most popular tourist destinations. Therefore, it is no surprise it has been one of the earliest adopters of Web3 technology. The Emirati city has witnessed some of the biggest NFTs and metaverse projects launch with several partnerships also announced during various exhibitions.
At the end of March 2022, the city municipality announced plans to create a futuristic version of itself in the metaverse. Dubbed “One Humane Reality”, the metaverse city is described as the meeting point or the integration of two worlds (the metaverse and the world we are currently living in together).
The city has invested heavily in the metaverse and intends to reap the benefits in an equal measure. Dubai expects the metaverse to generate $4 billion in additional income to the economy by the year 2030, whilst also creating 42,000 virtual jobs.
To achieve those goals, the popular tourist destination city has created a task force to track the development of the digital economy.
The Dubai Media Office said in a statement on Thursday that Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and chairman of the Executive Council of Dubai, and Sheikh Maktoum bin Mohammed, Deputy Prime Minister and Minister of Finance, “issued directives to form the task force.”
In an earlier meeting, Sheikh Mohammed had asked for the formation of a higher committee to supervise technological developments in the UAE whilst overseeing the development of the digital economy.
Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum who heads the new vertical of the Dubai economy dubbed the metaverse sector said “the Dubai Metaverse Strategy also intends to ensure that the metaverse increases its contribution to 1% of the emirate’s GDP.”
The metaverse is tipped to cross the $100 billion market valuation by the end of 2022, with some reports predicting it will reach $400 billion by 2026 before rocketing to $800 billion by 2028.
Dubai wants to play a key role in the new virtual economy, maintaining its status as one of the most innovative cities in the world.
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