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Will Dubai be among the top 10 metaverse economies worldwide?

New Delhi: The Dubai Metaverse Strategy was created with the aim of making Dubai one of the top ten Metaverse economies and a global hub for the Metaverse community.

His Majesty Sheikh Hamdan bin Mohammed stressed the importance of solidifying Dubai’s status as a hub with the most advanced metaverse ecosystem and as a global leader in the adoption of digital solutions, reflecting His Highness Sheikh Mohammed bin Rashid Al Maktoum’s ambitious vision to the emirate into a global capital of advanced technologies, most notably artificial intelligence (AI) and Web3.

The strategy aims to build on Dubai’s success in attracting over 1,000 blockchain and metaverse businesses. It also advances Dubai’s goal of supporting over 40,000 virtual jobs by 2030. This would further boost Dubai’s economy and support the UAE government’s goal of tripling the current number of blockchain companies.

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According to Al Olamas, the Dubai Metaverse Strategy aligns with the goals of the UAE’s AI strategy to strengthen the country’s position as one of the world’s leading countries in futuristic sectors by investing in new initiatives and empowering talent, digital transformation and the driving the adoption of future technologies.

The Dubai Metaverse Strategy aims to foster innovation, increase the Metaverse’s economic contributions through R&D collaborations, and nurture advanced ecosystems through accelerators and incubators that attract businesses and projects to Dubai.

The strategy focuses on developing talent and investing in future capabilities by providing the necessary support in Metaverse education for Metaverse developers, content creators and digital platform users.

The key pillars of the strategy are Extended Reality (which combines the physical and virtual worlds), Augmented Reality, Virtual Reality, Mixed Reality and Digital Twins (a virtual representation of an object or system). The strategy aims to improve human thought processes through the use of real-time data, the use of machine learning and IoT, and the use of AI simulation and blockchain.

The technological pillars of the Metaverse strategy are data, network, cloud and edge computing, which focus on the collection, validation, storage, processing and management of real-world data. Other pillars include promoting the full deployment of 5G networks to enable edge computing and provide on-demand computer system resources. Instead of using the cloud, edge computing allows data to be collected, stored and processed locally via smart devices and local area networks.

VR and AR are two key drivers of the metaverse, creating 6,700 jobs and contributing $500 million to the UAE economy, both of which are expected to grow significantly in the future. The Metaverse offers a wide range of economic opportunities. Globally, the value of venture capital and private equity financings in the Metaverse is expected to reach $13 billion by 2021, while Metaverse real estate sales surpassed $500 million last year.

Second Life, a virtual world where users can explore fantasy landscapes and create their own, is expected to contribute more than $650 million to global GDP in 2021. The Metaverse has also formed 200 strategic partnerships with Sandbox, a decentralized virtual game world, including the launch of Warner Music Group in the Metaverse as a virtual music world.

According to analysts, the Metaverse could contribute as much as $5 trillion to the global economy by 2030. The market value of NFTs is expected to reach $80 billion by 2025, with consumer spending on in-game purchases reaching $75 billion.

According to recent studies, the number of daily active users of Roblox, one of the leading global Metaverse communities, has grown to 55 million. At the same time, 59 percent of consumers worldwide want to move at least one of their daily activities to the Metaverse.

The strategy promotes the use of a connected network of virtual spaces to enhance community well-being in Dubai and encourage initiatives that position Dubai as a paragon of metaverse technologies with a strong digital infrastructure.

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