Dubai has become a hub for the development of emerging technologies. The Dubai Metaverse Strategy was launched earlier this year, which is   with the vision of United Arab Emirates (UAE) Vice Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, to take the city to the forefront of adopting innovative technologies.

To realize this goal, the Higher Committee for Future Technology and Digital Economy has been formed. It will be chaired by Dubai’s crown prince, His Highness Sheikh Hamdan bin Mohammed.

“We are working as a team to enhance Dubai’s position as a global birthplace and research laboratory for future technologies and one of the world’s top 10 metaverse economies, in line with the Dubai Metaverse Strategy,” His Highness bin Mohammed said.

The Dubai Metaverse Strategy aims to open about 40,000 new metaverse-related jobs in the UAE by 2030. With this strategy in place, it will secure Dubai’s position in being among the top 10 global metaverse economies, targeting up to $4 billion for the city’s GDP alongside other government projects.

When it comes to emerging technologies, the metaverse is definitely among the topics bound to be talked about. It is something that seems straight out of sci-fi books and movies—a virtual world that allows a person to have an immersive experience through augmented and virtual realities (AR/VR). This technology not only creates a hub for social interactions, but is a great avenue for business interchanges, as well.

Among the initial undertakings of the committee is the Dubai Metaverse Assembly, which has been scheduled in September. This event is slated to engage more than 300 metaverse industry experts as keynote speakers to discuss the different facets of the metaverse. As a rising star of technological innovation, it is bound to generate much interest that will cause enthusiasts and enterprises to flock and participate.

Part of the committee’s mandate involves trend analysis regarding future technologies and the digital economy which encompasses not only the metaverse, but blockchain, artificial intelligence (AI), Internet of Things (IoT), Web3, cloud computing and data centers, as well.

To support all these, the UAE government is also pushing for the adoption of blockchain, starting with signing a memorandum of understanding with Chainalysis to provide training to government employees on the fundamentals of blockchain technology. This step shall serve as the building block to establishing a firm background as one of the early adaptors of blockchain.

The UAE government has also sanctioned the storage of academic credentials on blockchain, addressing the pervasive issue of fake diplomas and academic certificates. Beginning with the University of Dubai, the government hopes to record and authenticate all academic documentation on blockchain accessed through a wallet.

“The whole drive of the country is towards having everything available on a blockchain wallet that will give you all your credentials, as well as other things, of course. Transactions are going to happen without using banks, without using credit cards—directly from the buyer to the seller, from the seller to the buyer, and so on,” Dr. Eesa Bastaki, President of the University of Dubai, shared.

It is evident that the UAE government is gearing up to become a leader in future technologies by establishing the Emirates as the blockchain hub in the region. The Dubai Metaverse Assembly is just among the first crucial steps that will solidify the UAE’s position as one of the top players in the global metaverse economies.