A master plan that aims to see the number of Dubai’s blockchain and metaverse companies grow from the current 1,000 to 5,000 in five years, was recently launched by the kingdom’s Crown Prince Sheikh Hamdan. Known as the Dubai Metaverse Strategy, the plan also seeks to create 40,000 jobs and bring in $4 billion to the Dubai economy.
Metaverse’s contribution to Dubai’s economy
The Crown Prince of Dubai and Chairman of the Dubai Executive Council, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, has launched an ambitious plan to attract 5,000 blockchain and metaverse companies to the kingdom by 2027. Named the Metaverse Strategy of Dubai, the plan envisages achieving the objectives of the strategy over the next five years.
In his Arabic tweet, Sheikh Hamdan suggested that an increase in the number of companies in the sector will see their total contribution to the Dubai economy also grow. The crown prince explained:
Today we launched the Dubai Metaverse strategy, the next technological and economic revolution that will affect all aspects of life over the next two decades. We have 1,000 companies in Dubai currently working in this sector, which contributes $500 million to our national economy. We expect it to rise sharply in the coming period.
Meanwhile, a report on Laraontheblock quotes Sheikh Hamdan asserting that a rise of blockchain and metaverse companies to 5,000 will “add 40,000 new jobs in the virtual world and bring in 4 billion USD to Dubai’s economy in the next 5 years.”
In addition to creating jobs and contributing to the growth of Dubai’s economy, the strategy will encourage innovation as well as the government’s use of metaverse technology. By launching the metaverse strategy well ahead of other countries, Dubai aims to become “one of the top 10 in the world in this area”.
