- The task force hopes to create virtual equivalents for 42,000 positions.
- Dubai aims to raise its GDP by 1% by banking on the metaverse potential.
The Dubai government has announced the creation of a task group to monitor the most recent advances in the digital economy and to take advantage of possibilities inside the metaverse after assessing key technological trends.
With Sheikh Hamdan Bin Mohammed bin Rashid Al Maktoum, the crown prince of Dubai, and Sheikh Maktoum Bin Mohammed al Maktoum, the deputy prime minister of Dubai, in attendance at a Dubai Council meeting on Thursday, the task force’s establishment was approved.
Banking on Digital Economy Growth
Using metaverse technology, this task force hopes to create virtual equivalents for 42,000 positions, boost resident surgeons’ productivity by 230 percent, and boost engineering output by 30 percent. According to Oman Bin Sultan Al Olama, Chairman of the Digital Economy Chamber of Dubai, the rising emirate would be able to “generate business opportunities beyond its physical borders” as the Web3, and the metaverse evolve.
The shift will allow a better grasp of reality and explore new ideas that can assist Dubai, and the UAE build a brighter future while also optimizing current commercial prospects. An executive committee has begun working on the main goals of the Dubai Metaverse Strategy, which is to raise Dubai’s yearly GDP by 1% and its economic development by $4 billion by 2030.
It is estimated that by 2025, income generated by the metaverse would rise from $180 billion to $400 billion. While identifying obstacles and opportunities for implementation, the committee’s current emphasis is on developing a legal framework that addresses the needs of all sectors. With the opening of its MetaHQ earlier this month, Dubai’s Virtual Assets Regulatory Authority (VARA) became the first regulatory body to venture into the rapidly growing Web 3.0 sector.