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Dubai is doubling down on its high-tech future as the city has launched the Dubai Metaverse Strategy that aims to turn the city into one of the world's "top 10 metaverse economies as well as a global hub for the metaverse community."
According to Emirates News Agency, the strategy is aimed at creating over 40,000 virtual jobs by 2030. This boost is expected to give an additional $4 billion to the city’s GDP in five years.
Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Teleworking Applications, noted that the metaverse would enhance not only Dubai's, but also the UAE's economy and positively impact people's lives.
The move comes after the Virtual Assets Regulatory Authority (VARA), the regulator of the cryptocurrency market in Dubai, opened a virtual branch in The Sandbox metaverse. The institution became the emirate's first government agency and global regulator with a presence in the virtual world.
