The rulers of Dubai have created a committee tasked with following the latest developments in the digital economy. The committee is also expected to support the rulers’ quest to make Dubai a “key city in the metaverse”.
The vision of the rulers of Dubai
The rulers of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince and Deputy Prime Minister Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum have reportedly “reviewed key technology trends in the metaverse and issued instructions to form a task force to track the latest.” Developments in the digital economy.”
According to Sheikh Hamdan, the establishment of Task Force Dubai will likely help it become “a key city in the metaverse.” Praising the country’s rulers’ decision to make Dubai a leader in the Metaverse race, the Crown Prince said:
His Highness Sheikh Mohammed bin Rashid’s instructions to form a higher committee to oversee future technological developments in Dubai reflect the importance of facing the future with an open mind. The move will help us fully understand reality and explore unique ideas that will shape a brighter future for Dubai and the UAE and maximize future business opportunities.
The Metaverse’s contribution to Dubai’s economy
Sheikh Hamdan, who is also the Chair of the Dubai Executive Council (DEC), announced that the task force is already working on “Key Pillars and Goals of the Dubai Metaverse Strategy”. This strategy aims to “increase the Metaverse sector’s contribution to Dubai’s economy to US$4 billion by 2030,” according to a report published by Wam.
Dubai rulers also want to increase the metaverse’s contribution to Dubai’s gross domestic product (GDP) to one percent, the report said.
Meanwhile, the report says, the task force is looking to implement Metaverse technologies, which in turn will help improve office surgeon performance by 230 percent and increase engineer productivity by 30 percent.
In addition, the report said there are expectations that Metaverse revenues could grow from the current $180 billion to $400 billion by 2025.
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