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Crown Prince of Dubai launches Metaverse development strategy

The Crown Prince of Dubai and the chairman of the Dubai Executive Council, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, has launched an ambitious plan to attract 5,000 blockchain and metaverse companies to the kingdom by 2027. Dubai Metaverse Strategy, which is expected to achieve the goal of the strategy within the next five years.

In his tweet, Sheikh Hamdan suggests that the increase in the number of companies in this sector will make their contribution to the Dubai economy also increase. The Prince explained:

Today, we launch the Dubai Metaverse Strategy, the next revolution in technology and economics that will affect all aspects of life over the next two decades. We have 1,000 companies in Dubai currently working in this sector, contributing $500 million to our national economy. We expect it to increase sharply in the near future.

Meanwhile, a report on Laraontheblock quotes Sheikh Hamdan as asserting that the rise of blockchain and metaverse companies to 5,000 will create 40,000 new jobs and bring $4 billion to the Dubai economy over the next five years.

Besides creating more jobs and helping to grow Dubai’s economy, this strategy will encourage innovation as well as spur government use of metaverse technology. By conducting a metaverse launch that outperforms other countries, Dubai is aiming to become “one of the top 10 countries globally in this field”.