Dubai Can Be Among The Top 10 Metaverse Economies

The inauguration ceremony of the Dubai Metaverse Assembly was held in September at the Museum of the Future, resulting in positioning Dubai as one of the ten largest metaverse economies in the near future.

Dubai Future Foundation recently published a report focusing on Metaverse applications in numerous areas, including education, travel, business, real estate, communications, gaming, and entertainment. Companies and governments need to work on to these sectors to achieve worldwide success on the digital platform.

The Dubai Metaverse Assembly was hosted following the approval by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, to launch the Dubai Metaverse Strategy in July 2022.

The idea is to add $4bilion to Dubai’s GDP to offer 40,000 virtual jobs by 2030, attract 1,000 technology companies to the emirate, and position Dubai as one of the 10 largest metaverse economies in the world.

The report was prepared in partnership with PwC, the knowledge partner of the Dubai Metaverse Assembly, to highlight the main recommendations that came from the assembly, as well as the major trends and applications that were discussed.

Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, said, “Dubai Metaverse Assembly hosted the largest gathering of experts and organisations concerned with designing the future of the Metaverses. The event highlighted the importance of keeping pace with technological developments and employing new applications in realising future visions and plans and developing governments, economy, health, education and communities. It also showcased the positive impact of using new tools that facilitate people’s lives and open promising horizons in the future.”

Khalfan Belhoul, CEO of Dubai Future Foundation, said, “The report aims to share the insights and knowledge revealed by global experts during Dubai Metaverse Assembly with the world through a new report on the untapped potential of the metaverse. We believe it’s crucial to share knowledge on future trends, as it allows governments, businesses, and civil society to take advantage of the immense opportunities presented by advanced technologies. This report will serve as a resource for anyone seeking to understand how the Metaverse will impact vital economic sectors and help create a better future for humankind built on sustainability, wellbeing and prosperity.”

The assembly was attended by around 600 technology experts and specialists from 50 countries. Over the course of two days, they participated in more than 25 workshops and panel sessions that hosted more than 30 speakers and 40 local and international institutions and technology companies.