Dubai's Crown Prince Announces New Metaverse Strategy

Dubai's Crown Prince Announces New Metaverse Strategy

The Crown Prince of Dubai, Sheikh Hamdan, has announced a new metaverse strategy that aims for the exponential growth of Dubai’s blockchain and metaverse companies from 1,000 to 5,000 in the next five years. Known as the Dubai Metaverse Strategy, the plan also seeks to create 40,000 jobs and contribute 4 billion USD to the Dubai economy.

Metaverse Contribution to Dubai’s Economy

The Crown Prince of Dubai and Chairman of the Dubai Executive Council, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, has launched an ambitious plan to entice 5,000 blockchain and metaverse companies to the kingdom by 2027. The plan named the Dubai Metaverse Strategy, envisions achieving the strategy’s objectives within the next five years.

In his Arabic tweet, Sheikh Hamdan stated that an increase in the number of companies in the sector will also increase the total contribution to the Dubai economy. The Crown Prince explained:

"Today we launched the Dubai Metaverse Strategy, the next revolution in the technological and economic fields that will affect all aspects of life over the next two decades. We have 1,000 companies in Dubai currently working in this sector, which contributes 500 million USD to our national economy. We expect it to rise strongly during the coming period."

The report on Laraontheblock quotes Sheikh Hamdan asserting that the rise of blockchain and metaverse companies to 5,000 will "add 40,000 new jobs in the virtual world and contribute 4 billion USD to Dubai’s economy in the next 5 years."

Besides generating jobs and expanding Dubai’s economy, the strategy will encourage innovation and the government to engage with the metaverse technology. The announcement of the new metaverse strategy ahead of other countries shows Dubai’s intent on emerging as "one of the top ten global destinations in the metaverse world."