Dubai Launches Metaverse Strategy with Aim to Add $4 Billion GDP in 5 Years

Known as a hub of innovation, Dubai, UAE, has presented its plan to further expand into the metaverse. The strategy includes multiplying the 1,000 Dubai-based crypto companies 5 times over as many years to reach 5,000 by the year 2027.

Host to the Expo 2022 conference, Dubai aims to be at the forefront of blockchain technology. Now, the city’s framework for a metaverse-based economy could set the standard for other countries looking to enter Web 3.0. The plan, as revealed by Dubai’s Crown Prince Sheikh Hamdan bin Mohammed, involves three key factors:

  • 40,000 new job positions in blockchain technology and metaverse development.
  • $4 billion provided by 2027 to stimulate the metaverse economy in the region with the aim of becoming the largest in the region.
  • Multiply the number of crypto companies in Dubai by 5 times to at least 5,000

UAE’s main competitors in the region are Qatar and Saudi Arabia. Qatar is exploring CBDC options, while Saudi Arabia announced in February that it would planned to invest billions of dollars into the metaverse.

Crypto Gets Recognition in UAE

The UAE has already made huge steps in the metaverse, by building the first-ever metaverse hospital. By means of augmented & virtual reality, patients will be able to receive treatment and consultations. The news has driven a buzz of excitement among crypto & blockchain startups, including metaverse project Quint.

Just a few weeks ago, VISA released the first-ever bitcoinblack limitless card in Dubai. The card is an exclusive product for 10,000 members, but anyone can apply to be one of the lucky few through the official website. The card features an app that will provide exclusive benefits, NFTs, and a built-in exchange platform.

Ultimately, the crypto market’s renaissance has sparked even faster adoption of blockchain tech around the world, with Disney recently naming Polygon (MATIC) in the Disney Accelerator Program 2022. The metaverse economy is already making Dubai, UAE, $500 million a year. If everything goes according to the Prince’s plan, it is likely that the golden city of Dubai will be the premier crypto hub in 5 years.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art, and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.