Dubai has launched a new project to increase the presence of blockchain technology and metaverse in the city. Hamdan bin Mohammed, the crown prince of Dubai, announced his "Metaverse strategy" in a statement on his Twitter account.

Sheikh Hamdan bin Muhammed stated that Dubai is currently home to a thousand companies that focus on metaverse and blockchain technology, and that their aim is to increase this number to 5 in 5 years, and that they want to be the first in the region and in the top 10 in the world in this sense.

While an income of 1 billion dollars is expected from the project in 5 years, it is aimed to create 40 thousand new business lines in the city. The planning includes the development of metaverse applications and the benefit of government departments from these applications.

Hamdan bin Mohammed

Speaking on the subject, Minister of Artificial Intelligence, Digital Economy and Remote Work Applications, Omar bin Sultan Al Olama, highlighted the importance of integrating the metaverse into vital sectors and said that such moves by both Dubai and the UAE will have a positive impact on the lives of people in the region:

In addition, these steps will transform Dubai into a world-class smart-centre that offers new economic opportunities. The Dubai Metaverse Strategy has parallel objectives with the UAE's Artificial Intelligence Strategy. Investing in new initiatives is essential for the adoption of future technologies and digital transformation.

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The project, which will support the development of Web3 applications to create new business models in vital sectors including tourism, education, remote work, health and law, will also pave the way for the creation of secure platforms at global standards for users.

In the statement, which stated that augmented reality and virtual reality are two important elements of the metaverse, it was stated that there are currently 6700 business lines in Dubai and a contribution of 500 million dollars to the UAE. It was stated that this figure is aimed to increase significantly in the future, and as of 2021, venture capital and private company financing in the metaverse field has increased to 13 billion dollars.