Dubai eyes to become one of the top 10 metaverse economies in the world by generating 40,000 extra virtual jobs and $4 billion in GDP over the next five years.
Dubai Aspires to be One of Top 10 Metaverse Economies Globally
With a new plan, Dubai hopes to become one of the top 10 metaverse economies in the world, with the sector expected to generate up to 40,000 more virtual employment and $4 billion in additional GDP over the next five years.
According to the state-run WAM news agency, the government wants to create infrastructure and rules to hasten the adoption of these technologies and establish international standards for creating safe and secure platforms for users.
The strategy, announced by Sheikh Hamdan bin Mohammed, the Crown Prince of Dubai, intends to assist the government's objective of tripling the number of blockchain enterprises in five years. Sheikh Hamdan claims that more than 1,000 businesses operating in the blockchain and metaverse sectors are currently based in Dubai, contributing $500 million to the regional economy.
The UAE's economy, which now supports 6,700 employees and has a $500 million annual contribution from VR and AR, is likely to grow dramatically in the following years. There are many different business prospects in the metaverse.
Last year, real estate sales in the metaverse topped $500 million; by 2021, the combined value of venture and private equity financing in the metaverse will be $13 billion.
The strategy emphasizes fostering talent and investing in future capacities by offering crucial support for metaverse education aimed at developers, content producers, and users of digital platforms in the metaverse community, according to WAM.
The largest businesses in the city have already entered the metaverse. While Damac Group intends to create digital cities, Emirates has said that it would increase technology usage. According to Khaleej Times, healthcare company Thumbay will launch a hospital in the metaverse for virtual consultations over the next months.
UAE is the Starting Point for First Metaverse Primary Health for Schools
The UAE will serve as the starting point for what is likely to be the first metaverse primary health initiative for schools in the world, according to ShopDoc, an Indian healthcare company that is going to introduce its "My School Clinix," a metaverse clinic for schools.
A hundred schools in the UAE will be the first to use the idea.
It may be revolutionary to employ the metaverse in routine medical treatment. The younger generation, who are already in school, may adapt to the gamified healthcare platform more quickly, according to Shihab Makaniyil, founder and CEO of ShopDoc.
"We will provide primary care that is preventive-focused, raise awareness, and encourage healthy and joyful living," Makaniyil said.
In a significant development, Dubai recently unveiled a metaverse plan to increase the sector's contribution to the local economy to $4 billion. This initiative closely follows ShopDoc's move on its metaverse primary clinic business for schools in the UAE.
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