Dubai Ramps up Digital Infrastructure in Bid to Become Top Metaverse Economy

The Crown Prince of Dubai has kick-started plans to turn the city into one of the world’s top 10 metaverse economies with the launch of the Dubai Metaverse Strategy.

The government of Dubai wants to develop global standards in building safe and secure platforms for users and develop infrastructure and regulations to accelerate the adoption of these technologies, WAM news agency said. 

The aim is to generate over 40,000 virtual jobs and add $4 billion to its GDP by 2030.

Emirate aims to become a Web3 front-runner

The report underscored H.H. Sheikh Hamdan bin Mohammed’s vision to transform Dubai into a front-runner in advanced technologies, offering metaverse and Web3 solutions.

At the launch, Minister Omar bin Sultan Al Olama said the metaverse would fuel the UAE and Dubai’s efforts to deliver novel solutions, improve the lives of people, and make the city into one of the smartest centers globally offering new business opportunities.

Dubai bids to attract more Web3 companies

The strategy aims to attract over 1,000 blockchain and metaverse companies, which would represent a five-fold increase in the current number. Sheikh Hamdan also announced the Dubai Metaverse Assembly for Sept.

“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,” WAM said. 

The city’s biggest companies are already making forays into the metaverse. Airline Emirates has said it will expand its use of the technology, while Damac Group plans to build digital cities. 

And healthcare firm Thumbay will open a hospital in the metaverse for virtual consultations over the next few months, Khaleej Times reported. 

Dubai has become a front-runner in the region by approving top platforms like Binance and FTX permission to operate in the city. Just last week, South Korean-based cryptocurrency exchange OKX received a provisional virtual-asset license from the authorities.