UAE Metaverse Strategy; Dubai's IFC Launches Metaverse Platform To Generate $4 billion In GDP

UAE Metaverse Strategy; Dubai's IFC Launches Metaverse Platform To Generate $4 billion In GDP

Metaverse: At the opening of the year 2023, The United Arab Emirates (UAE, Dubai)  revealed its intention to make the nation one of the top 10 metaverse economies in the world. This plan was tagged as the Metaverse Strategy, which is aimed at attracting over 1,000 companies and startups dealing in blockchain and metaverse.

According to the nation, this strategy will boost job creation supporting over 40,000 virtual jobs by 2030. The government’s vision is to see the nation’s economy grow further, likewise improving the number of blockchain companies and startups by at least 5 times.

So far the nation has launched a few policies towards attaining this vision. Recently it launched the Dubai Virtual Asset Regulation Law and the Dubai Virtual Assets Regulatory Authority (VARA). The Law is meant to develop an international government standard for the regulation of the virtual assets and digital currencies sector. Via this law, responsible activities and growth under judicious regulations for digital currencies are encouraged.

The UAE also launched the metaverse the museum of the future which is targeted at being a global phenomenon in technology.

DIFC Metaverse

It is in the same vein the Dubai International Financial Centre launch of the DIFC Metaverse Platform on Monday. The purpose of the platform is to draw various international innovators of technology to the platform. The development was revealed via the Emirates News Agency.

The development also falls in line with the Dubai Higher Committee for Future Technology and Digital Economy, which also aims at developing the economy via international technology attraction.

The DIFC Metaverse platform and the Metaverse Strategy are proposed to add an additional $4 billion to the GDP of the emirate by 2030.  The Dubai Economic Agenda’s goal of creating an economic revenue value worth $27 billion annually via digital transformation is also supported by the platform.

According to Omar bin Sultan Al Olama, the Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, this is the first in the sequel of endeavours purposed at strengthening the nation’s position as a global hub for updated digital trends. It will also increase the pace of attaining strategic objectives in technology.

Commenting on the development, Arif Amiri, the DIFC Authority CEO said, “The Dubai government has shown great foresight in introducing a metaverse strategy that has the objective of making the emirate a global hub for technology and innovation. The development of the integrated DIFC Metaverse Platform will accelerate the achievements of Dubai’s aspirations in this sector. The initiative is a natural extension of our Innovation Hub proposition that has shaped the technology and innovation landscape in the Middle East, Africa and South Asia region.”

One of the most exclusive features of the DIFC Metaverse Platform is the accelerator program. Attached to the program is the physical studio for metaverse technology, this will aid the development of the nation’s creator community and venture creation.

The Metaverse Strategy Specifically Aims To

  • foster innovation, enhance the metaverse’s economic contributions through R&D collaborations and promote advanced ecosystems utilising accelerators and incubators that attract companies and projects to Dubai
  • foster talent and invest in future capabilities by providing the necessary support in metaverse education aimed at developers, content creators and users of digital platforms in the metaverse community
  • develop Web3 technology and its applications to create new governmental work models and development in vital sectors, including tourism, education, retail, remote work, healthcare and the legal sector.