Dubai Creates Committee to Help Cement Its Position as "Key City in the Metaverse"
The rulers of Dubai have created a committee that is mandated with tracking the latest developments in the digital economy. The committee is also expected to bolster the rulers’ quest to make Dubai a “key city in the metaverse.” Dubai Rulers’ Vision
The Dubai rulers, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum the crown prince and the deputy prime minister, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, reportedly “reviewed vital technology trends in the metaverse and issued directives to form a task force to track the latest developments in the digital economy.”
According to Sheikh Hamdan, the creation of the task force will likely help Dubai in its endeavour to become “a key city in the metaverse.” Extolling the decision by the country’s rulers to make Dubai a leader in the metaverse race, the crown prince said: 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.
The Metaverse’s Contribution to Dubai’s Economy
Sheikh Hamdan, who is also the chairman of the Dubai Executive Council (DEC), revealed that the task force is already working on “key pillars and the objectives of the Dubai Metaverse Strategy.” This strategy, according to a report published by Wam, seeks to “increase the contribution of the metaverse sector to Dubai’s economy to US$4 billion by 2030.”
The Dubai rulers are also looking to increase the metaverse’s contribution to Dubai’s gross domestic product (GDP) to one percent, the report said.
Meanwhile, the report said the task force is seeking to implement metaverse technologies, which in turn will help improve the performance of resident surgeons by 230 percent and increase the productivity of engineers by 30 percent.
In addition, the report said there were expectations business revenues from the metaverse could surge to $400 billion by 2025, from the current $180 billion. Tags in this story Dubai crown prince, Dubai digital economy, Dubai Executive Council, Dubai metaverse, Dubai Metaverse Strategy, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum
What are your thoughts on this story? Tell us what you think in the comments section below. Terence Zimwara
Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Dubai Couple Ties the Knot in the Metaverse METAVERSE | 2 days ago Jamiroquai to Bring "Virtual Insanity" to The Sandbox Blockchain Metaverse METAVERSE | 3 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCrypto’s Barren Wasteland: A Look at What’s Left of Terra’s Defi and Token Ruins Next articleDraft Law About NFTs Submitted to Russian Parliament Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin