Dubai Prince unveils Web 3.0 development plan

More than 40 000 virtual jobs will be created in the Emirate by 2027

21.07.2022 - 13:15

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1 min

What’s new? The Prince of Dubai, Sheikh Hamdan bin Mohammed, has unveiled a strategy for the development of blockchain technologies and metaverses. According to the Prince’s plan, the Emirates government will create 40 000 virtual jobs and increase the number of cryptocurrency companies by 500% by 2027. According to the Sheikh, there are currently more than 1000 blockchain-related companies in Dubai, generating $500 million a year for the city.

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 $500 million to our national economy. pic.twitter.com/J1XRmd2ub3— Hamdan bin Mohammed (@HamdanMohammed) July 18, 2022

Dubai’s development plans. According to Sheikh’s statement, the Emirate aims to become the first in the region and be among the top 10 countries in the development of the metaverse economy. The Dubai government also plans to support developers and ordinary users to master the technology.

In March, the Virtual Assets Regulatory Authority (VARA) was established in Dubai. It is a subsidiary agency of the Dubai World Trade Center, which oversees compliance with the marketing laws. VARA also licenses digital assets and related entities.

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