Dubai’s rulers have created a committee charged with monitoring the latest developments in the digital economy. The committee is also expected to strengthen the government’s quest to make Dubai a “key city in the metaverse”.
The vision of Dubai’s rulers
Dubai rulers Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince and Deputy Prime Minister Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum reportedly “reviewed vital technology trends in the metaverse and issued guidelines to form a working group 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 effort to become “a key city in the metaverse”. Praising the decision of the country’s rulers to make Dubai a leader in the metaverse race, the crown prince said:
His Highness Sheikh Mohammed bin Rashid's directives to form a senior committee to oversee Dubai's future technological developments reflect the importance of facing the future with an open mind. The move will help us fully understand the reality and explore unique ideas that will shape a better future for Dubai and the UAE, maximizing future business opportunities.
The Metaverse’s Contribution to Dubai’s Economy
Sheikh Hamdan, who is also chairman of the Dubai Executive Council (DEC), revealed that the task force is already working on “key pillars and objectives of the Dubai Metaverse Strategy”. This strategy, according to a report published by Wam, seeks to “increase the metaverse sector’s contribution to Dubai’s economy to US$4 billion by 2030.”
Dubai‘s rulers are also looking to increase the metaverse’s contribution to Dubai’s gross domestic product (GDP) to one percent, according to the report.
Meanwhile, the report says the task force is looking to implement metaverse technologies, which in turn will help improve the performance of resident surgeons by 230% and increase engineers’ productivity by 30%.
Additionally, the report said there were expectations that commercial revenue from the metaverse would increase to $400 billion by 2025 from the current $180 billion.