Exploring Dubai’s Metaverse Strategy

Dubai has recently unveiled its ambitious metaverse strategy, following in the footsteps of Shanghai’s five-year plan to support blockchains, NFTs, metaverses, and Web3 technologies. The strategy was announced by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai. Let’s take a closer look at the details of this strategy and its implications for the future.

Establishing Dubai as a Metaverse Hub Dubai is already a thriving hub for the metaverse, with over 1,000 companies in this sector having their headquarters in the city. Being a center of innovation, Dubai is actively positioning itself as a pioneer and capitalizing on its status as a smart city. Currently, the metaverse and blockchain sector contribute around $500 million to the UAE’s national economy.

Before diving into the specifics of the Dubai Metaverse Strategy, let’s provide some context.

Andrew Thomas, Nexa’s Managing Director and a metaverse enthusiast, recently discussed Dubai’s metaverse strategy with the team at Dubai Eye 103.8. He explained that the metaverse is essentially a digital space where individuals and companies can represent themselves, live, work, play, and create their own unique environment. He also highlighted that there are multiple metaverses available for people to explore, each catering to different interests and purposes.

Thomas emphasized Dubai’s keen interest in the metaverse, given its leading role in the Web3 space. Dubai aims to lead from the front and seize the opportunity presented by the metaverse, which has already witnessed phenomenal startups driving economic growth. The metaverse offers a range of new opportunities, jobs, and collaborations that various brands and organizations want to be part of.

The Future of the Metaverse in the UAE Thomas believes that the metaverse will transform daily lives by fostering a sense of inclusivity that surpasses physical boundaries. He envisions people coming closer together within the metaverse space, unencumbered by physical limitations, which he considers a significant advancement.

Dubai’s Metaverse Strategy Dubai’s metaverse strategy aims to attract 1,000 blockchain and metaverse companies to the city, creating 40,000 jobs by 2023. The ultimate goal is for Dubai to become a global metaverse hub and one of the top ten metaverse economies worldwide. This initiative is projected to contribute an estimated $4 billion to Dubai’s economy over the next five years.

The government plans to increase the number of blockchain enterprises by five, creating a supportive environment for virtual jobs and new job models related to these technological developments. This job growth will have a positive impact on critical sectors such as tourism, education, retail, legal services, and healthcare.

Dubai’s metaverse strategy covers various pillars of the metaverse, including extended reality, augmented reality, virtual reality, mixed reality, and digital twins. The strategy also incorporates the utilization of real-time data, machine learning, IoT, AI simulation, and blockchain technology.

The technological foundations of Dubai’s metaverse strategy encompass data, networks, cloud computing, and edge computing. These encompass data acquisition, validation, storage, processing, and management in the real world, along with the deployment of full 5G networks to facilitate edge computing and provide on-demand computing resources.

Sheikh Hamdan bin Mohammed aims to uphold Dubai’s status as a global leader in adopting digital solutions. The strategy involves investing in building capabilities and nurturing talent to create the most extensive and robust ecosystem for the metaverse community. During this implementation, Dubai will serve as a global testing ground for metaverse technologies.

Dubai’s metaverse strategy is not only poised to boost the regional and global economies but also focuses on fostering innovation and attracting new firms and projects to the city. This strategy aligns

with Sheikh Hamdan’s vision to transform Dubai into a global hub for advanced technologies, with a primary focus on AI and Web3. Hamdan bin Mohammed states, “The metaverse is a promising digital world. We aim to harness this technology to enhance the quality of life in the UAE and across the globe.”

As metaverse and Web3 technologies evolve, Dubai is expected to play a crucial role in establishing global standards for the safety, security, and regulation of these platforms. The city will likely contribute to deterring potential risks while accelerating the adoption of metaverse technologies through relevant regulatory frameworks.

Unpacking Dubai’s Metaverse Strategy

Setting the Stage for the Metaverse in Dubai Sheikh Hamdan bin Mohammed and Sheikh Maktoum bin Mohammed, the Deputy Ruler of Dubai, established a task force earlier this year to focus on metaverse strategy and investment. These efforts also aim to enhance the productivity and performance of the existing workforce, supporting the full digitalization of work processes.

Dubai’s Virtual Assets Regulatory Authority (VARA) has also ventured into the metaverse by establishing its headquarters in Sandbox, allowing for a broader reach and regulatory clarity. VARA is expanding its resource base through an experimental decentralized regulatory model to enhance accessibility for stakeholders in the digital economy.

Since announcing the Dubai Metaverse Strategy, Hamdan bin Mohammed has introduced the Dubai Metaverse Assembly, a global event hosted by the Dubai Future Foundation. This event, scheduled for September at the Museum of the Future, will bring together over 300 metaverse experts. It will serve as a platform for education, inspiration, and collaborative contributions, with in-depth sessions exploring the metaverse’s applications in various industries and future-oriented workshops.

Ready to Embrace the Metaverse?

Join Dubai as a leading city in the exploration of the metaverse. With nearly two decades of experience in the city, Nexa is a growth agency that offers comprehensive metaverse and Web3 services for businesses. Discover the options and opportunities that await your brand by reaching out to the Nexa team.