One of the biggest crypto hubs in the Middle East is planning to support over 40k virtual jobs.
Dubai, a single of the 7 emirates of the United Arab Emirates (UAE), has recently rolled out the Dubai Metaverse Strategy, a plan created by Prime Minister, Vice President, and Ruler of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. The new initiative will focus on expanding the number of blockchain companies hosted in the region.
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According to the official announcement issued on July 19th, the strategy will also support over 40k virtual jobs by 2030 and add $4B to Dubai’s gross domestic product (GDP) in the next five years. Al Maktoum noted that the most populous city in the United Arab Emirates (UAE) will boost the adoption of the metaverse by focusing on Web3 and artificial intelligence (AI).
The official report read that the tactic will aditionally outline the 5 most prominent pillars - expand the metaverse application cases, foster talent, improve jurisdictions, drive innovation, and provide assistance to global platforms.
On top of that, with the Dubai Metaverse Strategy, prioritizing R&D and various partnerships to attract promising projects from abroad, the government is hoping to turn the nation into the leading crypto hub in the Middle East by investing in up-and-coming technologies.
Likewise, the strategy, which will revolve around AR, VR, and mixed and extended reality as the main tenets, will also aid in the provision of metaverse-related education to various developers and content producers. Moreover, Dubai is seeking to build a secure platform for users and a regulatory framework that would boost the use of blockchain technology.
Furthermore, Dubai has already hosted more than 1000 crypto-oriented companies, contributing $500M to the city’s economy. For example, some of the firms that have successfully set their foot in Dubai include the crypto exchanges FTX Europe, Binance, Kraken, Crypto.com, and OKX, as well as the crypto fund manager Fintonia Group.