40,000 new jobs in Dubai
One of the upcoming tech hubs in the Middle East starts a new metaverse strategy. Dubai has established that it aims to become one of the top 10 Metaverse economies. In order to do so they will open 40,000 metaverse jobs. Therefore, the United Arab Emirates are set to develop the metaverse and blockchain sector.
In March 2022, Dubai introduced its first virtual asset regulations. Likewise, Dubai has joined the list of countries such as the US, the UK, Singapore and El Salvador, where cryptocurrencies regulations have been rolled out. Sheik Mohammed Bin Rashid, the ruler of Dubai, announced on Twitter that the emirate has enacted its first law governing virtual assets. This has also formed an independent regulator to regulate the cryptocurrency sector.
Dubai metaverse strategy
The Dubai Metaverse Strategy will include the metaverse’s economic contributions, utilizing accelerators and incubators to attract companies and projects from abroad. Objectives of the United Arab Emirates AI Strategy to enhance the nation’s status as one of the world’s leading countries in futuristic sectors by investing in new technologies. The tweet further said that the objective of the metaverse strategy was to support 40,000 virtual jobs and add $4 billion to Dubai’s economy in five years.
New governmental works on models for tourism, retail, remote work and the legal sector. Therefore promised to be created within the Strategy’s framework. Its key pillars are said to be extended reality, augmented reality (AR), virtual reality (VR), mixed reality — a virtual representation of an object or system.
XR framework
Since the beginning of June, the Dubai Virtual Assets Regulatory Authority issued or extended the virtual assets licenses for several key crypto platforms, such as Crypto.com, Huobi and OKX.
According to the release, VR and AR have created 6,700 jobs and contributed $500 million to the UAE’s economy. Globally, the value of venture capital and private equity financing in the metaverse reached $13 billion in 2021.