Magzoid Magazine - Luxury Magazine in the Creative Space | August 2022

ART NEWS
Dubai’s new metaverse strategy
to add $4bn to the economy and create more than
40,000 jobs
Dubai is home to 1,000
companies that
work in the realm of
the metaverse and
contributes $500 million to
the economy. By taking the initiative
to prepare for the inevitable rise of
the metaverse, the nation introduced
its integrative plan to encourage
users to use this service.
Metaverse is a broad suite of
technologies that improve and
augment how parties and people
interact and communicate. This
network provides 3D virtual worlds
that focus on bettering virtual
communications using technologies
like augmented reality (AR), virtual
reality (VR), and blockchain to build
spaces that provide a rich virtual
experience for users. Metaverse
allows for a more personalized online
digital experience through avatars
and interactions in the virtual world.
This initiative will make the emirate
one of the top 10 cities globally
to shape the future of emerging
technologies. H.H. Sheikh Hamdan
added that the plan is to revolutionize
the technological and economic
fields to affect numerous aspects of
life in the coming decades.
The government aims to create
40,000 jobs and add $4 billion to
the national economy in the coming
five years to boost its efforts to tap
and harness the emerging interest
in digital technologies and space.
Dubai is already home to over 1000
metaverse-based companies and
wishes to increase that number
five-fold and double the number
of blockchain companies, with this
initiative.
The initiatives poise the UAE to ride
on the wave of the global metaverse
market is forecasted to exceed
$1.6 billion by 2030, according
to Canada-based Precedence
Research. One such initiative is the
action taken by the nation’s Ministry
of State for Digital Economy, AI, and
Remote Working System as they
signed a preliminary agreement
with Chainanalysis (blockchain data
platform) to provide virtual training for
His Highness Sheikh
Hamdam tweeted,
“Dubai was and will remain
a precedent for others
globally because H.H.
Sheikh Mohammed bin
Rashid has proven to the
world over and over again
the sense of his future and
development vision that
made Dubai”
the government’s personnel.
With Web3 innovations changing
how the economy, government, and
society interact in today’s world,
Dubai’s Metaverse Staretgy stands
to be essential for the nation to
realize its goal of becoming one
of the leading economies for the
metaverse and a hub for the
global community.
-news@magzoid.com
www.magzoid.com August 2022 11