The Dubai Crown Prince has announced a $1 billion project called the “Dubai Metaverse Strategy” as part of its goal to become a fully digital city creating 40,000 jobs in the next five years. The initiative's goals are to build an AR/VR ecosystem that will enable the creation, experiences, and monetization of AR/VR digital assets in a decentralized environment. The project will fund start-ups, create educational programs, and offer grants to developers in both AR and VR. The Dubai Metaverse Project aims to create a fully immersive mixed-reality experience that combines the best of augmented and virtual reality technologies. The initiative also aims to build an online marketplace for AR/VR digital assets. These digital assets can be created and shared by developers, businesses, educators, and individuals.
“We launched the Dubai Metaverse Strategy today, which aims to foster innovation in new technology. Dubai is home to over 1,000 companies operating in the metaverse and blockchain sector, which contributes $500m to our national economy,” he said. “With the early adoption of metaverse technology, Dubai seeks to become one of the top 10 metaverse economies and a global frontrunner in adopting digital solutions.”