Dubai Seeks to Become Hub of Metaverse

Dubai has set the ball rolling to improve people’s lives and render creative solutions by positioning itself as the global capital of Web3 through its new blockchain and metaverse technology, according to local media outlet Gulf Today. 

Launched its Metaverse Strategy Plan in July, Dubai sees it as a stepping stone toward attracting new projects and firms to the city as well as boosting global and regional economies. 

The metaverse plan also seeks to propel contributions from the digital currency ecosystem to $4 billion from the present $500 million.

Pratik Rawal, the managing partner at Ascent Partners, pointed out:

“From retail shopping to healthcare and manufacturing, the metaverse is becoming pervasive in countless industries. It is transforming industries by expediting virtual operations seamlessly and offering business opportunities for investors.” 

To bring the world to people’s fingertips, the metaverse seeks to offer blended experience through spatial computing, virtual reality (VR), sensorial tech, and augmented reality (AR). 

Helal Saeed Almarri, the chairman of the Virtual Assets Regulatory Authority (VARA), noted:

“Dubai Metaverse Assembly is a flagship launch that signals Dubai’s readiness to move forward with its metaverse strategy - and industry engagement is at the core of its success.”

The Dubai Metaverse Assembly is an event that is expected to cement the city’s quest to be a major player in Web3 technologies and the metaverse. It is anticipated to hold at least 40 global organizations and 300 delegates.

A recent CNBC report pointed out that Dubai was reaping the dividends of new tech investments because it had laid the grounds for a post-pandemic boom through a business-friendly and low-tax environment.

As a result, Dubai has become a global tech hub with a major catalyst of crypto.