Dubai’s Metaverse Strategy Approved by Crown Prince

Credit: AINOnline

The Crown Prince of Dubai and Chairman of Dubai’s Higher Committee of Future Technology Development and Digital Economy, Sheikh Hamdan, has approved the latest phase of the “Dubai Metaverse Strategy.“ The strategy is aimed at boosting the digital economy and turning Dubai into one of the top metaverse economies in the world.

The new phase of the metaverse strategy was approved yesterday during the first meeting of the Higher Committee of Future Technology Development and Digital Economy. The Crown Prince said that the Committee was looking for new models to develop technology and futurist sciences, with a “special focus” on the metaverse.

Sheikh Hamdan has already approved four major strategies in Web3 geared towards promoting innovation and digital growth in Dubai. They focus on using metaverse technology for government services, a study aimed at identifying the social benefits of the metaverse, and a plan to move forward with metaverse services to be submitted for the council approval.

The new strategy hopes to build a large metaverse community in Dubai consisting of investors, creators, users, start-ups, and metaverse companies. One initiative is focused on partnerships with private sector businesses to make Dubai a global hub for metaverse events.

The Dubai Metaverse Strategy was announced in July and aims to add $4 billion to the emirate’s economy over the next five years while creating 40,000 virtual jobs. The news about the latest phase of the strategy was first released by the Dubai Government Media Office.

United Arab Emirates Looks to Lead in Web3

The latest move to approve the next phase of Dubai’s Metaverse Strategy should come as no surprise. The United Arab Emirates has been making headlines all year in Web3. Here are some of the top stories from the Middle Eastern nation that’s looking to be a pioneer in the metaverse.

First, on May 14th, 2022, Dubai hosted the first ever non-fungible token (NFT) boxing match between Floyd Mayweather and Don Moore. Owners of the Global Titans Fight Series NFTs received live streaming of the match, exclusive 3D collectibles, video materials, a Mayweather autograph, and other perks.

Next, Dubai’s Museum of the Future recently partnered with Binance NFT to drop a series of NFT collections. The museum aims to be a pioneer in the crypto and Web3 space and is currently working on a range of digital assets and metaverse products.

Lastly, four months ago, Dubai announced its metaverse strategy and a plan to add thousands of Web3 jobs and billions of dollars to the economy. The strategy is focused on promoting the growth of Web3 technologies in retail, tourism, education, healthcare and more.

Dubai is far from the only country investing in Web3 technologies and the metaverse. However, the oil-rich nation appears to be leading the way. News that the next phase of Dubai’s Metaverse Strategy has been approved shows the country is moving forward with its Web3 plans. We’ll keep our ears to the ground for any new developments in the story.