The Metaverse Yields Exponential Potential for UAE

The Metaverse Yields Exponential Potential for UAE

As the next big technology development, the metaverse has attracted online game makers, social networks, and other technology innovators, all eager to capture a slice of what market analysis by Bloomberg believes to be an $800 billion market opportunity. The adoption of digital technologies across the Middle East and North Africa (MENA) is projected to reap immense socio-economic benefits via mBusinessuch-needed job creation and the generation of hundreds of billions of dollars each year. The UAE, a country that has emerged as a global pioneer across multiple industries through its innovative approach and futuristic developments, has accordingly leapt headfirst into the metaverse to ensure its continual progression.

To facilitate growth in the metaverse, the UAE government recently approved a Digital Economy Strategy that seeks to double contributions by this sector to its GDP from 10% to 20% over the next 10 years. Accordingly, the UAE’s pioneering efforts have resulted in the development of several metaverse-related projects in recent months.

In March, the Dubai Municipality announced its plans to create a virtual city in the metaverse that leverages computer-generated