Dubai: Sheikh Hamdan sets up task force to track digital economy

Decision to cement emirate's status as a key city in the metaverse

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By Web Desk

Published: Thu 19 May 2022, 7:18 PM

Last updated: Thu 19 May 2022, 10:38 PM

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, has issued directives to form a task force to track the latest developments in the digital economy after reviewing technology trends in the metaverse.

The move is part of the directives issued earlier by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

“The directives of His Highness Sheikh Mohammed bin Rashid to form a higher committee to supervise Dubai’s future technological developments 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, maximising future business opportunities,” Sheikh Hamdan said.

The formation of a higher committee to supervise technological developments in the emirate will oversee developments in the digital economy. The decision is set to cement Dubai’s status as a key city in the metaverse, he added.

Sheikh Hamdan noted that the committee had started work on key pillars and the objectives of the Dubai Metaverse Strategy.

Based on data and information, the strategy aims to increase the contribution of the metaverse sector to Dubai’s economy to $4 billion by 2030 and increase its contribution to Dubai’s GDP to 1%.

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The committee aims to implement metaverse technologies that can help improve the performance of resident surgeons by 230% and increase the productivity of engineers by 30%, in addition to supporting 42,000 jobs to become virtual.d.

The committee is currently working on identifying opportunities and challenges and continuing the development of the legislative framework that covers future requirements of all sectors.

Current estimates expect business revenues from the metaverse could grow from $180 billion to $400 billion by 2025.