Dubai acquires Metaverse strategy, expected to add around 40,000 jobs over the next six years.
The initiative demonstrates the United Arab Emirates' commitment to embracing emerging technologies and encouraging innovation in the digital world.
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The United Arab Emirates is actively positioning itself as a hub for Web3 and recently unveiled its ambitious plan to establish Dubai as one of the world’s leading metaverse financial hubs. Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai, introduced the Dubai Metaverse Strategy to drive the development of the metaverse space in the city.
This strategy aims to attract more than a thousand Web3 companies to Dubai's industrial ecosystem, with the potential to create around 40,000 job opportunities by 2030, reports Gadgets 360.
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The initiative demonstrates the United Arab Emirates' commitment to embracing emerging technologies and encouraging innovation in the digital world.
Dubai has ambitious plans to develop a leading metaverse ecosystem that will serve technology-related service providers in the coming years. According to a statement by the official UAE news agency, the Dubai Metaverse Strategy aims to explore the potential applications of the metaverse in sectors such as tourism, education, retail, remote work, healthcare and legal affairs.
In order to ensure the successful development of the trans-city technology, Dubai is stepping up its efforts to carry out research and development in other technologies such as Augmented Reality (AR), Virtual Reality (VR) and Mixed Reality (MR).
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These technologies are critical elements of the broader metaverse technology and have already created 6,700 jobs in the UAE, contributing $500 million US dollars (approximately Rs. 4.175 billion) to the country's economy in recent years.
According to various research firms, the projected market size will reach different amounts by 2030. Marketsandmarkets.com predicts it to be $1,303.4 billion, while PS Market Research estimates it at $1,157 billion.
Statista ,on the other hand, suggests a size of $507 billion, and Precedence Research estimates it at $1.3 trillion. In its latest report, the World Economic Forum (WEF) states that around 700 cities will have some form of metaverse infrastructure by 2030. Currently, Seoul in South Korea, Dubai in the UAE, and Santa Monica in the US are recognized as leading cities in the international metaverse space.
Source: me.mashable
