Dubai Launches Metaverse Strategy with Aim to Add $4 Billion GDP in 5 Years
2022.07.20 06:02
Dubai Launches Metaverse Strategy with Aim to Add $4 Billion GDP in 5 Years
Known as a hub of innovation, Dubai, UAE, has presented its plan to further expand into the metaverse. The strategy includes multiplying the 1,000 Dubai-based crypto companies 5 times over as many years to reach 5,000 by the year 2027.
Host to the Expo 2022 conference, Dubai aims to be at the forefront of blockchain technology. Now, the city’s framework for a metaverse-based economy could set the standard for other countries looking to enter Web 3.0. The plan, as revealed by Dubai’s Crown Prince Sheikh Hamdan bin Mohammed, involves three key factors:
- 40,000 new job positions in blockchain technology and metaverse development.
- $4 billion provided by 2027 to stimulate the metaverse economy in the region with the aim of becoming the largest in the region.
- Multiply the number of crypto companies in Dubai by 5 times to at least 5,000
UAE’s main competitors in the region are Qatar and Saudi Arabia. Qatar is exploring CBDC options, while Saudi Arabia announced in February that it would planned to invest billions of dollars into the metaverse.
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
— Hamdan bin Mohammed (@HamdanMohammed) July 18, 2022
Crypto Gets Recognition in UAE
The UAE has already made huge steps in the metaverse, by building the first-ever metaverse hospital. By means of augmented & virtual reality, patients will be able to receive treatment and consultations. The news has driven a buzz of excitement among crypto & blockchain startups, including metaverse project Quint.
40k #Metaverse jobs in Dubai and you know the best METAVERSE Project – @projectquint Huge Achievements in only 3 months that too in a bad market, Team’s passion is unparalleledThis is the #1000xgem CONNECTING THE METAVERSE TO THE REAL WORLD #QUINTERS pic.twitter.com/Bv8LBdfs9q
— Crypto Gems (@DaCryptoGems) July 19, 2022
Just a few weeks ago, VISA released the first-ever bitcoinblack limitless card in Dubai. The card is an exclusive product for 10,000 members, but anyone can apply to be one of the lucky few through the official website. The card features an app that will provide exclusive benefits, NFTs, and a built-in exchange platform.
Ultimately, the crypto market’s renaissance has sparked even faster adoption of blockchain tech around the world, with Disney recently naming Polygon (MATIC) in the Disney Accelerator Program 2022. The metaverse economy is already making Dubai, UAE, $500 million a year. If everything goes according to the Prince’s plan, it is likely that the golden city of Dubai will be the premier crypto hub in 5 years.
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