A master plan that aims to see the number of Dubai’s blockchain and metaverse companies grow from the current 1,000 to 5,000 in five years, was recently launched by the kingdom’s Crown Prince Sheikh Hamdan. The Dubai Metaverse Strategy is also known as this plan. It aims to bring $4 billion into the Dubai economy and create 40,000 new jobs.
Metaverse Contribution to Dubai’s Economy
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum is the crown prince and chairman of Dubai Executive Council. He has an ambitious plan for attracting 5,000 Blockchain and Metaverse businesses to Dubai’s kingdom by 2027. Named the Dubai Metaverse Strategy, the plan envisions achieving the strategy’s objectives within the next five years.
In Arabic tweetSheikh Hamdan stated that increasing the number of businesses in this sector will increase their contribution to Dubai’s economy. He explained that the crown prince was not a politician.
We launched the Dubai Metaverse Strategy today, which is the next major technological and economic revolution. This strategy will have a profound impact on all aspects life for the next twenty-five years. This sector contributes approximately $500 million to the national economy. We currently have 1000 companies working in Dubai. It is expected to grow strongly in the future.
Meanwhile, a report on Laraontheblock quotes Sheikh Hamdan asserting that a rise of blockchain and metaverse companies to 5,000 will “add 40,000 new jobs in the virtual world and bring in 4 billion USD to Dubai’s economy in the next 5 years.”
Besides adding jobs and helping to grow Dubai’s economy, the strategy will encourage innovation as well as government utilization of metaverse technology. By proceeding to launch the metaverse strategy well ahead of other countries, Dubai is aiming to become “one of the top 10 globally in this field.”
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