Supporting 40,000 virtual jobs that contribute to Dubai's economic prosperity by 2030

Hamdan bin Mohammed launches Dubai Metavirus strategy

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His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, confirmed that the Dubai government adopts modern technology and smart solutions, to accelerate the pace of work and continue development and development processes, in translation of the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and President of the UAE The Cabinet and Ruler of Dubai, to take advantage of digital technologies and artificial intelligence to raise the level of performance and improve people's lives.

Dubai Metaverse Strategy

This came during His Highness' launch of the "Dubai Metaverse Strategy", which aims to consolidate Dubai's position among the top 10 cities in the leading economies in the field of "Metaverse", making it a major center for the global "Metaverse" community, and doubling the number of "Blockchain" companies fivefold compared to With the current number, and enhancing the success achieved by Dubai by attracting 1,000 companies working in the field of “Blockchain” and “Metaverse”, and supporting 40,000 virtual jobs that contribute to economic prosperity in Dubai by 2030.

Investing in talent

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said, "Dubai is proceeding with confident steps to achieve its ambitious visions and plans to become a leader in various fields of technology and artificial intelligence, and a global laboratory for metaverse technology by investing in promising competencies and distinguished talents, to build The strongest metavirus community in the region.”

His Highness pointed out the importance of establishing Metaverse, a fundamental pillar and a new method of work in all vital sectors, to find new opportunities and provide innovative technical solutions that contribute to raising the economic returns resulting from digitization to enhance Dubai's position regionally and globally.

global platform

For his part, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Omar Sultan Al Olama, stressed the importance of designing and shaping the future by formulating digital visions and strategies aimed at adopting and consolidating “Metaverse” in all vital fields and sectors, to provide renewable solutions that contribute to facilitating The lives of community members, consolidating the position of Dubai and the UAE as a smart global platform in “Metaverse” technologies, taking advantage of the economic prospects offered by the world of “Metaverse”.

He pointed out that the "Dubai Metaverse Strategy" is in line with the "UAE Strategy for Artificial Intelligence 2031", and the country's efforts to promote digital transformation, empower individuals, entities and various sectors, to provide new economic opportunities, which consolidates the position of the UAE, a destination for artificial intelligence, and an open testing platform for technology The future is to improve people's lives.

encourage innovation

The Dubai Metaverse Strategy focuses on encouraging innovation in the field of metaverse, enhancing economic participation, and supporting innovation in this vital sector, by strengthening cooperation in research and development, establishing a comprehensive system to meet challenges, establishing financing funds and business incubators, and attracting companies and projects. “Metaverse” to Dubai, and the strategy also focuses on developing talent in the field of “Metaverse”, by organizing educational and training workshops in government institutions, developers of Metaverse applications and content makers.

Metaverse apps

The development of Metaverse applications, and the ways to use them, is one of the important elements that focus on the strategy to develop the systems of government institutions and key sectors such as tourism, education, retail, remote work, health care, the legal sector, and the adoption, expansion and promotion of secure platforms. globally, and to cooperate in building the most secure Metaverse platforms at the international level. The strategy also focuses on developing the infrastructure for the adoption of metaviruses and regulations and addressing their loopholes.

International Economy

The participation of “Metaverse” in the global economy is expected to reach about five trillion dollars by 2030, and the expected market value of non-fungible tokens “NFT” will reach about 80 billion dollars, and the value of consumer spending on in-game purchases will reach 75 Billion dollars by 2025, at a time when the percentage of consumers enthusiastic about switching to “Metaverse” reached 59%, and the number of daily active users on “Roblox” increased to 55 million users.

He was directed to work on the strategy 60 days before the launch of the strategy aimed at employing this huge interconnected network of virtual spaces in facilitating the lives of communities and carrying out business faster, and for Dubai to become a world leader in “Metaverse” technologies with a strong digital infrastructure.

Dubai Crown Prince:

■ "Dubai is proceeding with confident steps to achieve its visions and plans to become a leader in various fields of technology and artificial intelligence, and a global laboratory for metaverse technology."

■ “Investing in promising competencies and outstanding talents to build the strongest metaverse community in the region.”

■ "Providing innovative technical solutions that contribute to raising the economic returns resulting from digitization to enhance Dubai's position regionally and globally."

Great economic opportunities

Metaverse offers great economic opportunities, as the value of global venture capital and private equity financing in Metaverse reached $13 billion in 2021.

The value of real estate sales via Metaverse contributed $500 million, and Second Life contributed $650 million to the GDP in 2021.

Metaverse has achieved 200 strategic partnerships with Sandbox, including the launch of Warner Music Group, a virtual music world.

Support the national economy

“Virtual reality” and “augmented reality”, which are two main factors for enabling “Metaverse”, contribute to providing about 6,700 jobs and about $500 million in the UAE economy at the present time, and their economic participation could increase significantly in the future.

Technological Pillars of Metaverse

The technological pillars of metaverse lie in extended reality that integrates the “real” and “virtual” worlds together, such as “augmented reality”, “virtual reality”, “mixed reality”, and “digital twins” which are a virtual representation of an object or system that extends across Its life cycle is updated from real-time data, and it uses simulation, machine learning, and heuristics to help make decisions. Blockchain technology and artificial intelligence are important pillars capable of simulating human intelligence and thinking processes.

Data, network and cloud computing represent the technological pillars that focus on real-world data that is obtained, validated, stored, processed and managed, and promotes the full deployment of fifth generation networks, to enable (edge ​​computing) that allows data to be collected, stored, and processed locally via smart devices and networks. On-premises instead of in the cloud.

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