Dubai consolidates status as world’s Web3 capital

Dubai consolidates status as world’s Web3 capital

DUBAI - The recent launch of Dubai’s Metaverse Strategy by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, positions the city as a global pioneer offering the world’s most advanced and connected ecosystem where the metaverse community can thrive in a dynamic and enabling environment.

The move consolidates Dubai’s status as a global capital of advanced technologies, primarily artificial intelligence (AI) and Web3.

Dubai is already home to more than 1,000 companies in the metaverse and blockchain sector. As the city attracts new players, the sector’s current contribution of US$500 million to the economy is estimated to increase significantly. The Dubai Metaverse Strategy aims to support more than 40,000 virtual jobs by 2030 and add $4 billion to Dubai’s economy in five years.

The emirate is rapidly making headway with its metaverse strategy, announcing the formation of a Higher Committee for Future Technology and Digital Economy chaired by Sheikh Hamdan. The objective of the committee is to consolidate Dubai’s status as a global digital economy hub.

The committee will design policies, analyse trends and supervise the implementation of strategies related to the digital economy and future technologies, including the metaverse, AI, blockchain, Web3,