The government of Dubai launches the ‘Dubai Metaverse Strategy’
Dubai Metaverse Strategy Launched by The Government of Dubai
On July 18, 2022, the Crown Prince of Dubai and the Chairman of the Executive Council of Dubai, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum unveiled the ‘Dubai Metaverse Strategy’. This strategy aims to attract companies in the Metaverse field to enter Dubai, create more virtual jobs, and thus, contribute to the economy’s growth.
This Metaverse strategy is consistent with the directives of the Ruler of Dubai and Vice President and Prime Minister of the UAE, HH Sheikh Mohammed bin Rashid Al Maktoum. The government expects the benefits of the Metaverse Strategy to extend to the physical and virtual lives of businesses and individuals. And the desired result is the development of the Dubai economy in the right direction to become a global impact creator.
What is the Dubai Metaverse Strategy all about?
The Metaverse is a hyper-real alternative world that runs parallel to the real world. Augmented reality and virtual reality facilitate such digital representation of the world with which users can interact.
Dubai’s Metaverse strategy is based on the pillars of:
- Edge computing
And these key pillars focus on leveraging the concepts of:
- Extended reality
- Virtual reality
- Augmented reality
- Mixed reality
- Digital twins
- Machine learning
- Non-fungible tokens
- Artificial Intelligence
- Internet of Things (IoT)
With these pillars and technology concepts, Dubai aims to become the hub of Web3.
What does the Metaverse Strategy involve?
The Metaverse strategy involves the following:
- An increase in technological innovations and R&D collaborations, which will affect people’s lives personally and professionally.
- Attracting more companies and projects to enter Dubai because of the advanced ecosystem, thereby creating more job opportunities locally and virtually.
- Investing by the government in building top-notch talent, skills in demand, and relevant capabilities in the Metaverse field, to respond to the growing demand for jobs.
- Creating a global center that offers the opportunity for the Metaverse community to network and create an advanced ecosystem.
- Developing international standards in the use of Metaverse technology and infrastructure, making Dubai competitive in these technologies.
- Creating a safe and secure regulatory landscape that can enhance the adoption of Web3 technology and its applications.
- Investing in these technologies to result in the creation of new work models in different critical sectors. Some of these sectors include healthcare, tourism, retail, legal, education, and remote work.
- Creating norms and rules globally to facilitate the development of safe and secure platforms for Web3 users.
- Making the maximum use of real-time data to power the human thinking process to draw more insightful conclusions.
- Giving enough support to the education sector to create relevant courses and capability development programs. These training and skills development programs will develop capabilities required for the jobs of content creators, developers, digital marketers, and support staff in the Metaverse.
- Encouraging people to use digital platforms to facilitate digital transformation efforts of the economy.
- Transforming the Metaverse elements and enablers into applications and use cases for businesses and individuals for maximum impact.
What is the Dubai Metaverse Strategy all about?
The benefits of the Metaverse Strategy to the Dubai economy include:
- All these efforts in Metaverse will enhance Dubai’s position as the region’s largest center for Metaverse technology and community.
- The job creation, new investments, and increased user adoption will improve Metaverse’s contributions to the economy, taking the city’s development as a ‘Metaverse hub’ further.
- Dubai will become the world’s top 10 Metaverse economies and a global leader in the adoption of digital solutions.
- More than 1000 Metaverse and blockchain companies are expected to invest in the city and create more than 40,000 virtual jobs by 2030.
- Dubai will become a city of innovations, research and development, employment opportunities, and digital transformation that will give the economy the most effective and significant push.
- With the heavy support of current and future utilities, Metaverse technology is expected to drive the GDP of Dubai forward, with an expected contribution of US$4.0 billion in the next five years.
In line with the strategy’s expected benefits and goals, the government started working on it around two months before the launch. The government aims to be the frontrunner in this new concept of connectivity – Metaverse. These growth steps will develop the ecosystem in healthcare, shopping, socializing, entertainment, etc.
How can Business Setup HQ help you?
With so many developments in the Metaverse and Web3 space, there are high growth opportunities for new companies entering this sector. The city has also been at the forefront in the adoption and use of advanced technologies. Dubai has the technology infrastructure, business environment, and regulatory landscape to facilitate your business growth.
Take advantage of these new developments in the Metaverse sector by investing in Dubai. Set up your business in Dubai and maximize your growth in the field of the Metaverse.
Business Setup HQ, a leading company formation services provider, can help you enter Dubai. We provide business setup services in UAE and helping companies with several setup-related services. We help you form a company in free zones, mainland, or offshore UAE.
We help you with:
- Getting a business license
- Selection of legal structure
- Registration with relevant authorities
- Preparation of relevant documents
- Selecting office premises
- Visa processing
- Getting necessary approvals and permissions
- Selecting a trade name
- Opening a bank account
- Other support services while setting up a business
So, to take advantage of the Metaverse community, ecosystem, and developments in Dubai, give us a quick call, and let’s discuss your company formation plan.
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