Dubai set to be hub of metaverse, blockchain

Dubai’s metaverse strategy will boost regional and global economies besides bringing in innovation to attract new firms and projects to the hub of modern technology city

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A Staff Reporter

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The global market size of metaverse will reach $1.6 trillion by 2030. — Image by Freepik
The global market size of metaverse will reach $1.6 trillion by 2030. — Image by Freepik

Published: Mon 26 Sep 2022, 5:05 PM

The metaverse and blockchain ecosystems are set to transform Dubai as a hub of innovation and giving impetus to its great strides to become a pioneer and build on its smart city status.

Aimed at seeking to adopt creative solutions, improve peoples live and introduce positive socio-economic changes, Dubai’s metaverse strategy will boost regional and global economies besides bringing in innovation to attract new firms and projects to the hub of modern technology city.

Courtesy its meticulously drafted regulatory framework, Dubai has already positioned itself as the Global Capital of Web 3.0 with its new metaverse and blockchain technology.

The metaverse has indefinite potential to conduct activities in the digital space and is thus the future of technology while the blended experience of augmented reality (AR), virtual reality (VR), spatial computing and sensorial tech has enormous potential to bring the world to our fingertips.

“From retail shopping to healthcare and manufacturing, the metaverse is becoming pervasive in countless industries. It is transforming industries by expediting virtual operations seamlessly and offering business opportunities for investors,” Pratik Rawal, Managing Partner, Ascent Partners.

The global market size of metaverse will reach $1.6 trillion by 2030. Moreover, international companies like Meta (Facebook), Microsoft, Google, and Nvidia are just a few organisations with considerable investments in the metaverse. Mubadala, one of the substantial wealth funds globally, is also proactively investing in the blockchain industry.

Building space for metaverse

The UAE is already a budding space for the metaverse, with over 1,000 company headquarters in this sector being located in the country. Dubai metaverse strategy plans to target $4billion of the country’s GDP in the coming five years and will offer over 40,000 virtual jobs in the metaverse and blockchain sectors by 2030. The sector currently generates around 500 million dollars for the UAE’s national economy and is predicted to increase significantly in the coming years. Dubai World Trade Center (DWTC) is a comprehensive zone dedicated to virtual assets.

Metaverse, an avant-garde creation of the blockchain development world, even though being in its early innings, promises to deliver a trailblazing experience for millions of users and shake the world’s economy and innovative landscape. The market opportunity for launching the metaverse may bring an annual revenue of over $1 trillion.

Empowering other technologies, blockchain creates a vibrant symbiosis of advanced tech. From a buzzword to a global financial and industrial game changer — it has undisputedly become part of everyday life. Transparency, immutability, security, privacy — all the benefits of blockchain & crypto are on high demand, and are constantly discussed both at a developer’s desk and at a regulator’s office.

Key takeaways

> Metaverse, an avant-garde creation of the blockchain development world, promises to deliver a trailblazing experience

> The UAE is already a budding space for the metaverse, with over 1,000 company headquarters in the country

> Dubai has already positioned itself as the Global Capital of Web 3.0 with its new metaverse and blockchain technology


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