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Thaslima Anzar
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July 20, 2022 04:00 pm
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Launched by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, the project plans to support the government's goal of increasing the number of blockchain companies fivefold within five years. Dubai is already home to more than 1,000 companies in the metaverse and blockchain sectors, contributing $500 million to the national economy. The goal of the Metaverse strategy was to support 40,000 virtual jobs and add $4 billion to Dubai's economy within five years. "Over previous acceptance of technological Metaverse, Dubai aims to become Metaverse economies of top 10 and international leader in utilizing digital solutions," Sheikh Hamdan bin Mohammed posted on Twitter.
Yahya 'John' Ghemrawi , CEO of crypto company Grove Token, will take on the additional role of managing director of the upcoming Metaverse business in Dubai, owned by Sheikh Dubai Al Maktoum. A first of its kind in Dubai, Grove Token will be the first business to build Metaverse under this new banner. The global Groove Token community, for current holders and prospective investors. Sheikh Hamdan and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, gave the order to form the task force. At that time, Sheikh Hamdan said that the committee had started work on the key pillars and objectives of the Dubai Metaverse Strategy.
Dubai also joined the list of regions like Singapore, the US, the UK and El Salvador. Introducing in March 2022 Dubai, its first fundamental asset regulations. Dubai Ruler Sheikh Mohammed bin Rashid announced on Twitter that the emirate has enacted the first law governing virtual assets and established an independent regulator to oversee the cryptocurrency sector. Globally, venture capital and private equity finance will be worth US$13 billion by 2021, and US$500 million worth of real estate was sold there last year, according to Gulf Today. In 2021, Second Life, a virtual environment where users can create and explore their fantasy landscapes, contributed more than $650 million to the global GDP. Warner Music Group was introduced to metaverse as a music-themed virtual world, and Sandbox, a decentralized gaming virtual world, helped metaverse acquire 200 strategic alliances.
The Dubai Metaverse Assembly, to be held on September 28 and 29 at the Museum of the Future and Emirates Towers, will explore how revolutionary technology can be deployed in key sectors to create a better future and quality of life for humanity. The Assembly will host over 300 global experts, policymakers, thought leaders and decision-makers from over 40 organizations. Earlier this year, the Government of Dubai formed a dedicated task force to track the latest developments in the digital economy as it leverages opportunities within Metaverse. Sheikh Hamdan and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, gave the order to form the task force. At that time, Sheikh Hamdan said that the committee had started work on the key pillars and objectives of the Dubai Metaverse Strategy.
Announced on Monday that the Dubai Metaverse strategy will support 40,000 virtual jobs and add $4 billion to the emirate's economy done with five years. Roles can be as diverse as digital architects, AR and VR engineers, 3D graphic designers, artists, architects, innovators, NFT experts, storytellers, digital salespeople, and customer service agents. There are various building blocks in the metaverse that require different skills. The company needs a talented strategic planning person as the basic capability.
The UAE has big dreams for business in general, and Web3 is a big part of them, he said. The Arab nation wants to double the size of its economy in the next 10 years, and in a panel, at the World Economic Forum last April, United Arab Emirates Economy Minister Abdullah bin Tuq Al Marri said crypto and tokenization are key to achieving that. That's the goal, reported BY Coin Telegraph. In April, global investment bank Citi said the potential worldwide metaverse market could be between $8 trillion and $30 trillion by 2030. But other companies, such as Big Four accounting firm KPMG, said the figures were too conservative. According to a 2020 report by management consulting firm PwC, for the UAE, augmented reality and virtual reality technologies alone could contribute $4 billion or 1% of its GDP to the UAE by 2030.
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December 20, 2022 04:00 pm
July 21, 2022 @ 10:44 am
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