Crown Prince of Dubai approves new phase of metaverse strategy

On Thursday, the Crown Prince of Dubai, Sheikh Hamdan bin Mohammed, approved the new phase of Dubai Metaverse Strategy with an aim to boost Dubai's digital economy and also introduce measures to empower the use of future technology and the metaverse.

As per reports, the Crown Prince said Dubai is set to become one of the world's top digital economies and a leading platform for innovations that can shape the future. He took to Twitter to talk about the meeting as well.

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In the meeting, Sheikh Hamdan approved four strategies that were aimed at using metaverse technology to not only provide government services but also a comprehensive study aimed at looking at the social benefits of introducing metaverse services. These will be submitted to the executive council for approval.

The initiatives are aimed towards creating a large metaverse community in Dubai with companies, startups, investors, and users, and building the skills of Emiratis. Several projects of partnerships with different players are in the pipeline, and the city aims to host global metaverse events.

The government also seeks to develop a new model for the development of technology and other futuristic sciences that have a special focus on digital technologies. The aim is to keep the metaverse as a part of the broader strategy of digital growth.

In the past few months, along with Dubai, the other emirates have taken steps to integrate the metaverse to UAE's economy. In July 2022, Dubai government had unveiled the Dubai Metaverse Strategy, with an aim to create over 40,000 virtual jobs and also add over $4 billion to the region's economy in the next five years.

Prior to this in May, the region's Virtual Assets Regulatory Authority had also established Metaverse HQ, making this the first regulator to have a presence.