Hamdan Bin Mohammed Launches Dubai Metaverse Strategy – Dubai Blog


In accordance with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, inaugurated today the Dubai metaverse strategy that aims to make Dubai one of the top 10 metaverse economies in the world, as well as a global hub for the metaverse community.

His Highness Sheikh Hamdan bin Mohammed underscored the importance of cementing Dubai’s status as a hub offering the most advanced ecosystem for the metaverse and as a pioneer in the adoption of digital solutions globally, reflecting His Highness Sheikh’s ambitious vision. Sheikh Mohammed bin Rashid Al Maktoum to transform the emirate into a global capital of advanced technologies, mainly artificial intelligence (AI) and Web3.

The strategy aims to build on Dubai’s achievement of attracting more than 1,000 companies in the blockchain and metaverse fields. It also promotes Dubai’s ambitions to support more than 40,000 virtual jobs by 2030. This would further boost Dubai’s economy and support the UAE government’s vision of increasing the number of blockchain companies by five times the current number.

Sheikh Hamdan said that Dubai is taking great strides to enhance its position as a global testbed for metaverse technology while investing wisely in developing capabilities and talent to create the region’s largest and strongest ecosystem for the metaverse community. His Highness added that the adoption of new technologies will be a springboard in Dubai’s vision of using future technologies to create new working models in vital sectors and increase the impact of the metaverse on regional and global economies.

Commenting on the launch of the Dubai Metaverse Strategy, Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Telecommuting Applications, and Deputy Managing Director of the Dubai Future Foundation, reiterated the importance of designing the future with new digital technologies. . strategies for the adoption of the metaverse in vital sectors. He added that the metaverse would boost the efforts of the United Arab Emirates and Dubai to provide innovative solutions, positively impact people’s lives and transform the city into one of the world’s smartest hubs offering new economic opportunities.

Al Olama said that the Dubai Metaverse Strategy is in line with the goals of the UAE AI Strategy to enhance the country’s status as one of the world’s leading countries in futuristic sectors by investing in new initiatives and empowering the talent to drive digital transformation and the adoption of the future. technologies

The Dubai Metaverse strategy aims to encourage innovation, enhance the economic contributions of the metaverse through R&D collaborations, and promote advanced ecosystems using accelerators and incubators that attract companies and projects to Dubai.

The strategy emphasizes nurturing talent and investing in future capabilities by providing necessary support in metaverse education for developers, content creators, and digital platform users in the metaverse community.

The Dubai Metaverse strategy supports the development of Web3 technology and its applications to create new models of government work and development in vital sectors, including tourism, education, retail, remote work, healthcare and the legal sector. The strategy also aims to develop global standards in building secure platforms for users and develop metaverse infrastructure and regulations to accelerate the adoption of these technologies.

The key pillars of the strategy focus on extended reality (combining the physical and virtual worlds), augmented reality (AR), virtual reality (VR), mixed reality, and digital twins (a virtual representation of an object or system). The strategy aims to harness real-time data, use machine learning and the IoT, and employ AI and blockchain simulation to improve human thought processes.

Data, network, cloud, and edge computing are technology pillars of the metaverse strategy that focus on real-world data that is sourced, validated, stored, processed, and managed. Other pillars include promoting the full deployment of 5G networks to enable edge computing and provide computing system resources on demand. Edge computing allows data to be collected, stored, and processed locally through smart devices and local networks instead of the cloud.

Virtual reality and augmented reality are two key enablers of the metaverse, responsible for 6,700 jobs and contributing US$500 million to the UAE economy, which is expected to grow significantly in the future. The metaverse provides a variety of economic opportunities. Globally, the value of venture capital and private equity financing in the metaverse reached US$13 billion in 2021, while real estate sales in the metaverse exceeded US$500 million last year.

Second Life, a virtual world where participants can explore fantasy landscapes and build their own, contributed more than $650 million to global GDP in 2021. The metaverse also achieved 200 strategic partnerships with Sandbox, a virtual decentralized gaming world , which includes the launch of Warner Music Group as a music-themed virtual world in the metaverse.

Analysts estimate that the metaverse will contribute up to US$5 trillion to the global economy by 2030. The market value of NFTs is expected to reach US$80 billion, while consumer spending on purchases within the game is estimated to reach US$75 billion by 2025. Studies show that daily active users on Roblox, one of the world’s leading metaverse communities, has increased to 55 million. At the same time, 59 percent of global consumers are willing to transition at least one of their daily activities into the metaverse.

His Highness Sheikh Mohammed bin Rashid Al Maktoum directed government teams to start developing the Dubai Metaverse Strategy 60 days before its launch. The strategy promotes the use of a connected network of virtual spaces to improve the welfare of the community in Dubai and enhance initiatives making it a role model in metaverse technologies with a robust digital infrastructure.

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