Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, crown prince of Dubai and chairman of the Dubai Executive Council has launched an ambitious plan to attract up to 5,000 blockchain and metaverse companies to the liberal state.
The plan which is named the Dubai Metaverse Strategy aims to achieve the aforementioned objective within the next five years.
In a Twitter post in Arabic, Sheikh Hamdan suggested that an increase in the number of companies in the sector will see their overall contribution to the Dubai economy grow as well.
The crown prince stated, “Today we launched the Dubai Metaverse Strategy, the next revolution in the technological and economic field that will affect all aspects of life over the next two decades. We have 1,000 companies in Dubai currently working in this sector, which contributes $500 million to our national economy. We expect it to rise strongly during the coming period.”
Also, a report from Laraontheblock quotes Sheikh Hamdan saying that a rise of blockchain and metaverse companies to 5,000 will “add 40,000 new jobs in the virtual world and bring in 4 billion USD to Dubai’s economy in the next 5 years.”
Apart from creating more jobs and helping the city grow its economy, this new strategy will also encourage innovations and government utilisation of metaverse technology.
As more countries find new ways of delving into the highly talked-about virtual space, Dubai is looking to be amongst the top cities, alongside Shanghai, for its metaverse ambitions.