Dubai rulers created a committee to monitor the development of the digital economy. The committee is also expected to bolster the rulers’ quest to make Dubai a “key city in the metaverse.”
Dubai Rulers’ Vision
The Dubai rulers, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum the crown prince and the deputy prime minister, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, reportedly “reviewed vital technology trends in the metaverse and issued directives to form a task force to track the latest developments in the digital economy.”
According to Sheikh Hamdan, the creation of the task force will likely help Dubai in its endeavour to become “a key city in the metaverse.” Extolling the decision by the country’s rulers to make Dubai a leader in the metaverse race, the crown prince said:
The directives of His Highness Sheikh Mohammed bin Rashid to form a higher committee to supervise Dubai’s future technological developments reflect the importance of facing the future with an open mind. We will be able to better understand the realities and develop unique ideas in order to create a brighter future that is both positive and profitable for Dubai and UAE.
The Metaverse’s Contribution to Dubai’s Economy
Sheikh Hamdan, who is also the chairman of the Dubai Executive Council (DEC), revealed that the task force is already working on “key pillars and the objectives of the Dubai Metaverse Strategy.” This strategy, according to a report published by Wam, seeks to “increase the contribution of the metaverse sector to Dubai’s economy to US$4 billion by 2030.”
The Dubai rulers are also looking to increase the metaverse’s contribution to Dubai’s gross domestic product (GDP) to one percent, the report said.
In the meantime, the report states that the taskforce is looking to apply metaverse technologies. This will improve the performance and productivity of residents surgeons by 230 per cent, as well as engineers’ productivity by 30%.
The report also stated that there was a possibility for business revenue from the metaverse to rise from $180 billion today to $400 billion in 2025.
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