Dubai to create 40,000 new Metaverse-related jobs

Dubai, the leading cryptocurrency hub in the Middle East, has launched the Dubai Metaverse Strategy, which aims to turn it into one of the top 10 metaverse economies in the world. According to the strategy, by 2030, Dubai will provide more than 40,000 virtual jobs related to the Metaverse.

On July 18, the Emirates News Agency reported on the Dubai Metaverse Strategy launched by Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.

Al Maktoum wants to transform Dubai into a global tech capital with a major focus on artificial intelligence (AI) and Web3. The Dubai Metaverse Strategy is in line with the goals of the United Arab Emirates AI Strategy, which is to enhance the country's position as a world leader in the field of the future by investing in new technologies.

The Dubai Metaverse strategy will include research and development (R&D) collaborations to increase the economic contribution of the Metaverse, use accelerators and incubators to attract companies and projects from abroad, and provide Metaverse community developers, content creators and digital platform users with meta Cosmos Educational Support.

Within the framework of the strategy, commitments are made to create new models of government work in the tourism, education, retail, remote work, healthcare and legal sectors. According to reports, the main pillars of the strategy are extended reality, augmented reality (AR), virtual reality (VR), mixed reality and digital twin technologies.

The strategy proposes to drive the full deployment of 5G networks, enabling edge computing. This will allow data to be collected, stored and processed via smart devices and local networks rather than the cloud.

According to reports, VR and AR have created 6,700 jobs in the UAE and contributed $500 million to the UAE economy. Globally, the value of venture capital and private equity funding in the Metaverse hit $13 billion in 2021, while real estate sales in the Metaverse topped $500 million last year.

Since early June, Dubai’s Virtual Assets Regulatory Authority (VARA) has issued or extended virtual asset licenses to several key crypto platforms including Crypto.com, Huobi and OKX.