Dubai aims to become a hub for technology companies developing solutions for the metaverse. Over the next five years, the city expects to create more than 40,000 jobs related to digital universes.
According to the city’s plan, it could become one of the top ten economies in the metaverse. As such, creating 40,000 jobs should increase Dubai’s GDP by US$ 4 billion by 2027.
Besides jobs, Dubai plans to create standards for the development of platforms for the metaverse, focusing on the safety and security of users.
The city may also create specific regulations for metaverses, seeking to accelerate the adoption of digital universes worldwide. The proposal presented by the Crown Prince of Dubai, Sheikh Hamdan bin Mohammed, foresees attracting the setting up of more companies in the sector.
So far, Dubai is home to a thousand technology companies developing projects related to blockchain technology, crypto assets, and metaverses. These companies are worth US$ 500 million annually.
Therefore, the city plans to increase this number fivefold in the next five years. In other words, Dubai could have 6,000 technology innovation companies with the plan to expand the metaverse industry.
To support this development, Dubai plans to invest in the area. Meanwhile, major companies in the region are already developing initiatives in the metaverse, such as Arab Emirates, Damac Group, and healthcare company Thumbay.