Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, has unveiled an ambitious plan to attract 5,000 blockchain and metaverse businesses to the kingdom by 2027. The Dubai Metaverse Strategy is a plan that aims to accomplish its goals within the next five years.
Sheikh Hamdan implied in an Arabic tweet that as the number of businesses in the industry grows, so will the sector’s overall contribution to the Dubai economy. According to the Crown Prince:
“Today we launched the Dubai Metaverse Strategy, the next revolution in the technological and economic fields that will affect all aspects of life over the next two decades. We have 1,000 companies in Dubai currently working in this sector, which contributes $500 million to our national economy. We expect it to rise strongly during the coming period.”
According to a report on Laraontheblock, if blockchain and metaverse enterprises reach 5,000 in number, this would create 40,000 new jobs in the virtual world and bring in $4 billion to Dubai’s economy over the next five years.
In addition to creating jobs and boosting Dubai’s economy, the plan will promote innovation and government use of metaverse technology. Dubai aspires to be one of the top ten in the world in this industry by adopting the metaverse ahead of other countries.
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