The emirate of Dubai launched the Dubai Metaverse Strategy. The purpose of the above-mentioned strategy is to turn Dubai into one of the major metaverse economies.
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A Ruler of Dubai wants to transform the Emirate of Dubai into a global tech capital. The above-mentioned strategy goes in agreement with the objectives of the United Arab Emirates AI Strategy.
The purpose of the United Arab Emirates AI Strategy is to strengthen its status as a tech hub. But how does the United Arab Emirates plan to compete with other countries? It plans to invest a lot of money in the latest technologies.
What’s interesting, the strategy will include research and development collaborations in order to strengthen the metaverse’s economic contributions.
Dubai and new technologies
Let’s get back to the Dubai Metaverse Strategy. Interestingly, the strategy stated earlier suggests promoting the full deployment of 5G networks in order to enable edge computing.
As a reminder, virtual reality, as well as augmented reality, have created thousands of jobs and contributed hundreds of millions of dollars to the country’s economy.
Last year, real estate sales in the metaverse exceeded half a billion dollars.
crypto platforms and UAE
For instance, Crypto.com said in March it would create a regional office in the United Arab Emirates (UAE) largest city. Crypto.com decided to create a regional office in the UAE after the country approved new laws regarding crypto. As stated earlier, Dubai wants to become a global hub for crypto.
It is noteworthy that the UAE Minister of State for Foreign Trade, Thani Al Zeyoudi, said in the announcement that UAE believes that cryptocurrencies, virtual assets, as well as blockchain will play a vital role in the financial services sector.
As you can see, the Emirates of Dubai is ready to develop new technologies. The UAE’s most populous emirate has the potential to reach positive results. Furthermore, other regions of the country also must pay attention to the metaverse, as the metaverse has become an important part of the modern world.
Developed as well as developing countries must invest more money in new technologies. Thanks to new technologies, it is possible to solve many problems. Just imagine, it is possible to lower the unemployment rate or create new exciting opportunities for young professionals.
It is important to mention that not only countries’ governments but local authorities as well have to pay more attention to the metaverse. They must learn about the metaverse as much as possible. For example, it makes sense to read books and articles about new technologies. Moreover, they need to work with their colleagues from other countries in order to share knowledge and experience.
Many developing countries are struggling to attract foreign investors. What they need to do is to open their countries to new technologies. Moreover, it is important to create rules and regulations that would attract investors from all over the world. Lastly, they shouldn’t forget about local companies as well. The best solution is to create joint ventures.