Dubai creates over 40,000 virtual jobs as new metaverse strategy announced

A new plan unveiled on Monday seeks to make Dubai one of the top ten metaverse economies in the world, as well as a worldwide hub for the metaverse community. The Dubai Metaverse Strategy intends to capitalize on the emirate’s success in recruiting over 1,000 blockchain and metaverse companies.

According to a tweet from Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, the metaverse will support 40,000 virtual professions and bring $4 billion to the Dubai economy in five years. It would also promote the UAE government’s objective of tripling the number of blockchain enterprises.

Sheikh Hamdan emphasized the importance of maintaining the emirate’s “status as a hub offering the most advanced ecosystem for the metaverse and as a frontrunner in adopting digital solutions globally”.

He stated that Dubai is making “great strides” in strengthening its position as a worldwide testbed for metaverse technology, while “investing judiciously in building capabilities and talent in creating the region’s most robust and largest ecosystem for the metaverse community”.

Dubai aims to employ future technology to develop new job models in critical industries, as well as to expand the metaverse’s effect on regional and global economies, he added.

Just recently, Dubai hotels have partnered with Binance to accept payments in cryptocurrency, a step towards digital integration.

According to Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications and Deputy Managing Director of the Dubai Future Foundation, the UAE and Dubai’s efforts to offer novel solutions, improve people’s lives, and develop the city into one of the smartest centres globally delivering new economic opportunities will be driven by the metaverse.

The Strategy

The Dubai Metaverse Strategy intends to promote innovation, increase the economic benefits of the metaverse through R&D partnerships, and create advanced ecosystems through accelerators and incubators that bring businesses and projects to Dubai.

The strategy focuses on developing talent and investing in future capacities by providing the necessary support in metaverse education for metaverse developers, content providers, and consumers of digital platforms.

The strategy encourages the use of Web3 technology and its applications in order to generate new government work models and growth in critical areas like as tourism, education, retail, remote work, healthcare, and the legal sector. The strategy also intends to create worldwide standards for creating safe and secure platforms for users, as well as to create metaverse infrastructure and legislation to speed the adoption of these technologies.

Key pillars

The strategy’s key pillars focus on extended reality (which integrates the physical and virtual worlds), augmented reality, virtual reality, mixed reality, and digital twins (a virtual version of an object or system) (a virtual representation of an object or system). The method intends to improve human thinking processes by harnessing real-time data, utilizing machine learning and IoT, and utilizing AI simulation and blockchain.

The technical pillars of the metaverse approach are data, network, cloud, and edge computing, which focus on real-world data processing, validation, storage, analysis, and management. Other pillars include encouraging complete 5G network rollout to allow edge computing and supply on-demand computer system resources. Instead of using the cloud, edge computing allows data to be gathered, stored, and processed locally via smart devices and local networks.

Boosting the economy

VR and AR are two of the metaverse’s key enablers, accounting for 6,700 jobs and contributing $500 million to the UAE’s economy. The metaverse offers a wide range of economic options. Globally, the value of venture capital and private equity funding in the metaverse is expected to reach $13 billion by 2021, while metaverse real estate transactions hit $500 million last year.

Second Life, a virtual world in which users may explore dream landscapes and create their own, is expected to contribute more than $650 million to global GDP in 2021. The metaverse also achieved 200 strategic agreements with Sandbox, a decentralized gaming virtual world, including the debut of the Warner Music Group in the metaverse as a music-themed virtual world.

According to analysts, the metaverse could contribute up to $5 trillion to the world economy by 2030. The market value of NFTs is estimated to reach $80 billion by 2025, with consumer expenditure on in-game purchases reaching $75 billion. According to recent research, the number of daily active users on Roblox, one of the major worldwide metaverse communities, has risen to 55 million. At the same time, 59% of worldwide customers want to move at least one of their daily activities to the metaverse.