Dubai Embraces Metaverse and Launches the Dubai Metaverse Strategy

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Dubai Embraces Metaverse and Launches the Dubai Metaverse Strategy

Dubai, the leading crypto hub in the Middle East and one of UAE’s most popular emirates, has launched the ”Dubai Metaverse Strategy.”

It will include R&D, creating and promoting innovation accelerators, and providing support in Metaverse education all aimed at enhancing the ecosystem’s economic contributions and attracting projects from all over the world.

The Strategy’s framework promises to create new governmental work models in tourism, education, retail, healthcare, law, etc. It also seeks to promote the full deployment of 5G networks which would allow data to be stored and processed locally instead of in the cloud.

The management of Dubai has always been in favor of cryptos, blockchain, and related technologies. As the Emirate published their 2050 plans in 2018, these were the words in the beginning of the document,

Emirates Blockchain Strategy 2021

In April 2018, the UAE Government launched the Emirates Blockchain Strategy 2021. The strategy aims to capitalise on the blockchain technology to transform 50 per cent of government transactions into the blockchain platform by 2021.

Blockchain technology will help save time, effort and resources and facilitate people to process their transactions at the time and place that suit their lifestyle and work. By adopting this technology, the UAE government expects to save:

  • AED 11 billion in transactions and documents processed routinely
  • 398 million printed documents annually
  • 77 million work hours annually.

The UAE will use blockchain for digital transactions, giving each customer a unique identification number that points to their information on the secure chain. Information and data on the blockchain cannot be hacked or changed, which will ensure the digital security of national documents and transactions and eventually reduce operational cost and accelerate decision-making.

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