LONDON: Sheikh Hamdan bin Mohammed bin Rashid Al-Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, announced the launch of the Dubai Metaverse strategy on Monday, the Emirates news agency reported.
It promotes the advancement of Web3 technology and its applications to create new models of government work and growth in critical sectors such as tourism, education, retail, remote work, health and the right.
It aims to bring AED4 billion ($1 billion) to the national economy and support 40,000 virtual jobs over the next five years.
“Today we launched the Dubai Metaverse strategy, which aims to foster innovation in new technologies. Dubai is home to over 1,000 companies operating in the metaverse and blockchain sector, which contribute $500 million to our national economy,” he said. “With the early adoption of metaverse technology, Dubai seeks to become a top 10 metaverse economy and a global leader in the adoption of digital solutions.”
The strategy aims to create global standards for creating safe and secure platforms for users and to create metaverse infrastructure and regulations to accelerate the adoption of these technologies.
The main pillars of the strategy are extended reality (which combines the physical and virtual worlds), augmented reality, virtual reality, mixed reality and digital twins (a virtual representation of an object or system).
It also aims to improve human thought processes by leveraging real-time data, using machine learning, IoT, AI simulation, and blockchain.
The technology pillars of the strategy are data, network, cloud and edge computing, which focuses on the acquisition, validation, storage, processing and management of real-world data.
Other pillars include promoting full 5G network deployment to enable edge computing and provide on-demand computing system resources.
Instead of using the cloud, edge computing allows data to be collected, stored, and processed locally through smart devices and local networks.
Virtual reality and augmented reality are two key enablers of the metaverse, accounting for 6,700 jobs and contributing $500 million to the UAE economy. Both are expected to grow significantly in the future.
Globally, the value of venture capital and private equity funding in the Metaverse is expected to reach $13 billion in 2021. Real estate sales in the Metaverse exceeded $500 million last year.
Earlier this year, the Dubai government set up a task force to monitor the latest developments in the digital economy as it seeks to capitalize on opportunities in the metaverse.
Sheikh Hamdan and Sheikh Maktoum bin Mohammed bin Rashid Al-Maktoum, Deputy Governor of Dubai, Deputy Prime Minister and Minister of Finance, issued the guidelines for the creation of the task force