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    Dubai’s $4 Billion Metaverse Strategy

    July 20, 2022
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    Metaverse Strategy
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    Dubai’s Sheikh Hamdan bin Mohammed bin Rashid al-Maktoum, announced the implementation of a “Metaverse strategy” that would boost the city’s economy by $4 billion.

    Sheikh Hamdan bin Mohammed bin Rashid al-Maktoum, Dubai’s crown prince, has his eyes set on leveraging the digital world. This week, the crown prince announced the implementation of a new “Metaverse strategy.” 

    According to Sheik Hamdan, the proposed strategy would help create around 40,000 virtual jobs and increase the city’s gross domestic product (GDP) by $4 billion in five years. He made the announcement via his official Twitter account.

    We launched the Dubai Metaverse Strategy today, which aims to foster innovation in new technology. Dubai is home to over 1,000 companies operating in the metaverse and blockchain sector, which contributes $500 million to our national economy. pic.twitter.com/J1XRmd2ub3

    July 18, 2022

    “The strategy [emphasizes] fostering talent and investing in future capabilities by providing the necessary support in Metaverse education aimed at developers, content creators and users of digital platforms in the metaverse community,” the United Arab Emirates (UAE) official news agency, WAM, wrote in a statement.

    Rolling Out the Metaverse Strategy

    Per Sheik Hamdan’s tweet, the plan hinges on fostering “Metaverse innovation and economic contribution,” cultivating Metaverse talent through education and training, and developing Metaverse use-cases and applications for utilization within the Dubai government. Other than those, details on how the government will enact the Metaverse strategy are limited.

    Moreover, it is still unclear how much the Dubai government is investing in support of the purported strategy. The Department of Finance and the Department of Economy and Tourism cannot yet be contacted for any comment.

    Dipping into the Metaverse Space

    This is not Dubai’s first foray into the Metaverse space. It is a part of the city’s goal to attract more emerging technology and cryptocurrency companies. 

    In March, the city announced its entry into the Metaverse by passing the first law related to virtual assets. The city likewise established the Virtual Assets Regulatory Authority (VARA) for cryptocurrency companies. The VARA became the first Regulatory Authority in the world to venture into the Metaverse.

    Since its inception, VARA has already granted licenses for some of the world’s biggest cryptocurrency exchanges like Binance and FTX’s European subsidiary to operate in Dubai. Bybit is said to be exploring the possibility of opening a global headquarters in Duba, perhaps lured by the prospect of a crypto-friendly government. Crypto.com and FTX are also keen on setting up shop in the city.

    Regarding the Metaverse aspect, some big companies in Dubai have disclosed that they have begun incorporating said technology into their businesses bit by bit. In April, Emirates announced its purported expansion into the Metaverse and NFT spaces. Etihad Airways, the UAE’s flag carrier, will launch the EY-Zero1 NFT collection.

    Damac Group, a global conglomerate of businesses that includes fashion house Roberto Cavalli, announced in April that it would invest $100 million to build digital cities in the Metaverse. Finally, Thumbay Group, a health care firm in the UAE, plans to release a Metaverse hospital in October. 

    High Ambitions through the Metaverse Strategy

    With Sheik Hamdan’s implementation of the Metaverse strategy, it would not be surprising if Dubai, the UAE’s most populous city, joins the world’s “top 10 Metaverse economies.” Per WAM’s announcement, Sheik Hamdan’s goal is to contribute to the UAE’s goal of bringing up the number of blockchain companies in the country from 1,000 to 5,000 within five years.

    Per WAM, the UAE’s current economy is $500 million richer thanks to 6,700 augmented reality- and virtual reality-related jobs that play a significant role in the overall Metaverse economy. Hingeing on Sheik Hamdan’s Metaverse strategy, it is estimated that augmented reality and virtual reality technologies alone could contribute $4 billion to the UAE, which translates to 1% of the country’s GDP, by 2030.

    The UAE has big dreams regarding business in general, with the Web3 space being a considerable part of these dreams. With the wheels of this Metaverse strategy rolling, it will not be surprising if the country realizes its dreams soon.

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