Dubai Forms Council to Help Consolidate Its Position as a “Metaverse Key City” – Metaverse Bitcoin News

Dubai’s ruler has set up a committee to keep track of the latest developments in the digital economy. The council is also expected to support the ruler’s efforts to make Dubai a “key city in the virtual world”.

Vision of the Ruler of Dubai

Dubai ruler Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum Crown Prince and Deputy Prime Minister Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum reportedly Le Maktoum “examined key technology trends in the virtual world and issued a directive to form a working group to track the latest developments in the digital economy.”

According to Sheikh Hamdan, the creation of the task force could help Dubai’s efforts to become “a pivotal city in the virtual world.” The crown prince praised the country’s ruler’s decision to make Dubai a leader in the virtual world race, saying:

His Highness Sheikh Mohammed bin Rashid directed the formation of a higher committee to oversee future technological developments in Dubai, reflecting the importance of facing the future with an open mind. This move will help us fully understand reality and explore unique ideas to shape a brighter future for Dubai and the UAE, maximizing future business opportunities.

Metaverse’s contribution to Dubai’s economy

Sheikh Hamdan, chairman of the Dubai Executive Council (DEC), revealed that the working group is already studying “key pillars and objectives of the Dubai Metaverse strategy”.This strategy, according to Report Published by Wam, it aims to “raise the contribution of the Metaverse industry to Dubai’s economy to $4 billion by 2030”.

Dubai’s rulers also want to increase the virtual world’s contribution to Dubai’s gross domestic product (GDP) to 1 percent, the report said.

Meanwhile, the working group is looking to implement Metaverse technology, which in turn will help improve resident surgeon performance by 230 percent and engineer productivity by 30 percent, the report said.

Additionally, the report says that business revenue from the Metaverse is expected to soar to $400 billion by 2025, up from the current $180 billion.

What’s your take on this story? Let us know what you think in the comments section below.

Terence Chimwala

Terence Zimwara is an award-winning journalist, author and author from Zimbabwe. He has written extensively on the economic woes of some African countries and how digital currencies can offer Africans an escape route.

Image Source: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for reference only. It is not a direct offer or an invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned herein.

Source link