The Dubai government announced the creation of a specialized task force to study the newest advances in the digital economy and maximize possibilities inside the metaverse after assessing key technological trends.
At a Dubai Council meeting on Thursday, Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Dubai’s crown prince, and H.H. Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Dubai’s deputy prime minister, gave directions to establish the task force.
This task group also hopes to use metaverse technology to assist in virtualizing 42,000 positions and boost resident surgeon performance by 230% and engineer productivity by 30%.
Oman Bin Sultan Al Olama, Chairman of the Dubai Chamber of Digital Economy, explained how the growth of Web3 and the metaverse would allow Dubai to generate commercial possibilities outside of its physical limits.
According to Sheikh Hamdan, the group has begun working on the primary objectives of the Dubai Metaverse Strategy, which intends to boost the metaverse’s contribution to Dubai’s yearly GDP by 1% and its economic growth to $4 billion by 2030.
According to current estimates, the metaverse’s corporate income might expand from $180 billion to $400 billion by 2025.
However, the present goal of this group is to design a legal framework that addresses the needs of all sectors while also recognizing the problems and opportunities for implementation.
With the launch of its MetaHQ earlier this month, Dubai’s Virtual Assets Regulatory Authority (VARA) became the first regulatory body to enter the metaverse, becoming the first to do so in the burgeoning realm of Web 3.0.