In the series of global digital transformations, Dubai is next in line. The crown prince announced a new ‘Metaverse Strategy’ to attract more technologies and crypto companies. Earlier in March, the city passed its first law dealing with virtual assets and established a regulatory authority regarding the same for crypto companies. The plan includes fostering metaverse economic and innovation contribution, investing in future capabilities, and cultivating metaverse talent.
Aims of the strategy-
Under this strategy, Dubai seeks to break into the top 10 metaverse economies of the world. The strategy will create 40,000 new virtual jobs and $4 billion to the city’s GDP in the next five years, which is 1% of the Emirates’ overall GDP. A tech entrepreneur and investor Shadman Sakib said that- “Just like the internet changed the way we shop and how it facilitated e-commerce, the metaverse will see new models of e-commerce evolve into something more.” The strategy would place UAE among the top countries for a global hub for companies operating in the metaverse and blockchain sector.