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Dubai will expand its metaverse operations with 40,000 new jobs

The emirate introduces its Dubai Metaverse Strategy, with the goal of becoming one of the world's top ten metaverse Economies


The emirate of Dubai, one of the main crypto hubs in the Middle East, unveils the Dubai Metaverse Strategy, with the goal of becoming one of the world's top ten metaverse economies. The approach supports Dubai's goal of supporting more than 40,000 virtual jobs by 2030.

The Dubai Metaverse Strategy was launched on Monday by Vice President, Prime Minister, and Ruler of Dubai H.H. According to the Emirates News Agency, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.

Al Maktoum intends to turn the emirate into a worldwide innovation powerhouse by focusing on artificial intelligence (AI) and Web3. The Dubai Metaverse Strategy aligns with the goals of the United Arab Emirates AI Strategy, which is to elevate the country's standing as one of the world's leading countries in futuristic areas through investment in new technologies.

The Dubai Metaverse Strategy will include R&D collaborations to increase the metaverse's economic contributions, the use of accelerators and incubators to attract companies and projects from around the world, and support for metaverse education geared toward metaverse developers, content creators, and digital platform users.

Within the context of the Strategy, new governmental employment models in tourism, education, retail, remote work, healthcare, and the legal sector are expected to be created. Extended reality, augmented reality (AR), virtual reality (VR), mixed reality, and digital twins – a virtual representation of an object or system — are claimed to be its cornerstones.

The Strategy recommends pushing the full implementation of 5G networks to enable edge computing, which would allow data to be collected, stored, and processed locally rather than in the cloud, using smart devices and local networks.

According to the statement, virtual reality and augmented reality have produced 6,700 employment and contributed $500 million to the UAE's economy. Globally, the value of venture capital and private equity funding in the metaverse is expected to reach $13 billion in 2021, while metaverse real estate transactions hit $500 million last year.

Since early June, the Dubai Virtual Assets Regulatory Authority (VARA) has given or extended virtual asset licences to many major crypto platforms, including Crypto.com, Huobi, and OKX.

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