A total of 42,000 people will have virtual jobs in the metaverse by 2030 in Dubai, Dubai’s Sheikh Mohammed bin Rashid Al Maktoum announced.
This strategy aims to increase the metaverse’s contribution to Dubai’s economy to the tune of $4 billion, Wam Agency noted.
It also aims to ensure that the metaverse contributes 1% of the UAE’s Gross Domestic Product (GDP).
Together with @MaktoumMohammed, I reviewed the latest metaverse trends and issued directives to set up a task force to explore future digital economy opportunities. Dubai leads the region in smart services and we aim to be at the forefront of the global digital sector. pic.twitter.com/0HfjVeaohF
— Hamdan bin Mohammed (@HamdanMohammed) May 19, 2022
Dubai and the metaverse
Dubai is one of the world’s most popular tourist destinations. It is therefore not surprising that it was an early adopter of Web3 technology. The Emirati city has witnessed the launch of some of the largest NFT and metaverse projects, and has also announced several partnerships during various exhibitions.
In late March 2022, the city council announced its plans to create a futuristic version of itself in the metaverse. Dubbed “One Humane Reality,” the metaverse city is described as the meeting point or integration of two worlds (the metaverse and the world we currently live in).
The city has invested heavily in the metaverse and intends to reap the benefits in equal measure. Dubai expects the metaverse to generate $4 billion in additional revenue to the economy by 2030, while creating 42,000 virtual jobs.
Dubai Crown Prince Hamdan bin Mohammed and Sheikh Mohammed bin Rashid Al Maktoum gave the order to form a working group to provide details on the latest developments in the digital economy, Web 3.0 and the metaverse.
At an earlier meeting, Sheikh Mohammed had called for the formation of a senior committee to oversee technological developments in the UAE, while monitoring the development of the digital economy.
The metaverse is expected to surpass $100 billion in market valuation by the end of 2022, with some reports predicting it will reach $400 billion by 2026, before soaring to $800 billion by 2028.
Dubai wants to play a key role in the new virtual economy, maintaining its status as one of the world’s most innovative cities.
Legal regulations to be developed
The working group set up by Dubai Crown Prince Hamdan bin Mohammed and Sheikh Mohammed bin Rashid Al Maktoum aims to create a legislative framework that covers the demands of all sectors in the metaverse and their potential for implementation.
In early May, Dubai’s Virtual Assets Regulatory Authority (VARA) entered the metaverse with the establishment of its MetaHQ, making it the first regulator to enter the emerging world of Web 3.0.
VARA’s MetaHQ will use The Sandbox platform for users in the Arab country to create, sell and buy digital assets.