How Dubai is Driving Metaverse Real Estate Market
29 september, 2022
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, has launched the Dubai Metaverse Strategy, announced back in May. It aims to increase the presence of blockchain and metaverse companies in Dubai and enable the Emirate to become one of the world's top 10 cities in this sector, which will contribute $4 billion to the country's economy and create 40,000 virtual jobs in 5 years.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum tweeted:
We launched the Dubai Metaverse Strategy today, which aims to foster innovation in new technology. Dubai is home to over 1,000 companies operating in the metaverse and blockchain sector, which contributes $500 million to our national economy.
The strategy will seek to upskill talents in the metaverse technologies and develop metaverse applications for use in Dubai's public institutions.
The main focus areas of the strategy are augmented reality, virtual reality, virtual reality, mixed reality. The strategy focuses on the use of real-time data, machine learning and IoT, as well as AI simulation and blockchain to improve human thought processes. In addition, the strategy promotes the full deployment of 5G networks.
The strategy should stimulate innovation, increase the economic contribution of the metaverse to the economy and promote advanced ecosystems using accelerators that attract companies and projects to Dubai. It also addresses the development of Web3 technology and its application to create new public service and development models in vital sectors, including tourism, education, retail, remote working, healthcare and the legal sector.
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