New phase in Dubai Metaverse Strategy approved

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Updated November 28, 2022 | Published November 28, 2022

2 mins read

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum is forging a hub for digital growth and innovation.

Dubai’s Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has approved the next phase in the Dubai Metaverse Strategy, bringing the region closer to a stronger digital economy.

The Sheikh is the Crown Prince of Dubai, as well as chairman of Dubai's Higher Committee of Future Technology Development and Digital Economy.

The latest move came from the Committee’s first meeting, and aims at improving the region’s exposure to the benefits of digital assets.

Sheikh Hamdan said the Committee wants to establish a “new model for the development of technology and futuristic sciences”, putting an emphasis on digital technologies, the metaverse, digital growth, and innovation.

The Gulf tech hub said it intended to attract at least 1,000 blockchain and metaverse companies by 2030, as well as a minimum of 40,000 employees, when it announced its Dubai Metaverse Strategy in July.

The initial estimate for the size of the investment needed was $4bn.

This would see Dubai attract not only more developers, but also people to train and educate users, Web3 creatives, and more.

Dubai’s Strategy spreads its focus across multiple levels – from tourism to education, manufacturing, healthcare, and more – possibly setting global standards for industries interested in the Web3 space.

Being one of the first countries to designate a separate regulator for the crypto space – the Virtual Assets Regulatory Authority (VARA) – Dubai is well set to soon deliver its first official set of crypto regulations.

While the process is still ongoing, and has many steps that are not yet fully established, VARA has promised a usable crypto framework by the end of the year.

It’s too early to speculate which businesses will be first in line to start operations when the framework is put into place, but it’s probably safe to say that it won’t be banking institutions – at least not at first.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Kyamil Nasuf

Reporter

Kyamil is a big tech fan, who loves hummus on everything and has enjoyed writing from a young age. He's had experience in writing anything from essays, through personal art, to news pieces and more serious tech analysis. In recent years he’s found fintech and gambling collide with all his interests, so he truly is a great fit to our team.
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