In an increasingly digitized world, the UAE is looking to the metaverse to boost production and efficiency while also enhancing overall industrial competitiveness. Numerous indicators have shown this, including the great interest in Metaverse technology. This interest is reflected in a number of laws, programmes, policies, and initiatives designed to anticipate this technology in a way that advances state-owned enterprises and strengthens the UAE's position as a major international economic hub.
Leaders in the UAE are hoping that technology from the Fourth Industrial Revolution and the metaverse will open up new opportunities for diversifying the country's economy away from hydrocarbons.
The Dubai Metaverse Strategy was introduced by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, in accordance with the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai.
Two major metaverse enablers VR and AR are responsible for 6,700 jobs and $500 million in GDP in the UAE, and both are projected to experience rapid future growth. There are numerous business opportunities available in the metaverse.
By 2030, they hope to recruit over 1,000 different blockchains and metaverse enterprises to Dubai, supporting and generating over 40,000 virtual employment in the process. This is part of the Dubai Metaverse Strategy.
Education and healthcare may be more easily accessible, of higher quality, and more affordable to a wider portion of the world's population as the metaverse develops. UAE is moving boldly toward exploring the metaverse, while also looking at the potential short- and long-term economic gains this new technological field might offer.
The UAE is now home to the regional headquarters of the multinational corporation Meta. In the upcoming period, more projects and programmes focused on exploring attractive business opportunities in the digital sector are anticipated.