Dubai has officially launched its metaverse strategy which will bring on 5000 blockchain and metaverse companies to the city by 2027. His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council has launched the directives of the Dubai Metaverse strategy. 

As per his tweet, the Dubai Metaverse strategy will add 5 times more Blockchain and Metaverse companies to Dubai within the next five years. Knowing that today Dubai currently has 1000 Blockchain and metaverse entities, this means that by 2027 there should be 5000 Blockchain metaverse companies at least in Dubai UAE.

As Sheikh Hamdan stated, “It will also add 40,000 new jobs in the virtual world and bring in 4 billion USD to Dubai’s economy in the next 5 years.”

He notes, “Today we have launched our metaverse strategy which is the next economic and technological revolution that will play a role in every facet of our lives for the next two decades to come. We currently have 1000 companies in Dubai who are working in this domain and who currently add 500 million USD yearly to our national economy; we expect this will increase in the near future.”

Sheikh Hamdan added that the Dubai metaverse strategy will encourage innovation in the metaverse as well as government utilization of the metaverse while growing the talent base. He states, “Our aim from launching this comprehensive metaverse strategy early on is so that we can be one of the top 10 globally in this field. Dubai has and will continue to remain a pioneer because H.H. Mohammad bin Rashid Al Maktoum has proven over and over again the fruitfulness of his future vision and development.”

Back in March Dubai had announced it would be working on its metaverse strategy.