Connect with us

News

Dubai Is Set To Become A Metaverse & Blockchain Hub

The city has already established itself as the global capital of Web 3.0, hosting a vast array of metaverse and blockchain technology and startups.

Published

2 years ago

on

dubai is set to become the metaverse and blockchain hub
Freepik

Having already adopted a comprehensive “Metaverse Strategy“, Dubai has made rapid progress as a smart city of the future, using a carefully crafted regulatory framework to attract innovation and talent to its modern, tech-central environment.

Although the metaverse — a blockchain-based virtual world — is still in its early stages of development, it promises to deliver massive potential for millions of users over the coming years, shaking up the entire world’s economy and online culture.

The global market share of the metaverse is thought to have the potential to reach $1.6 trillion by 2030, with tech giants such as Facebook, Google, and Nvidia heavily invested in Web 3.0 development. For that reason, the UAE is already aiming to be a market leader, with over 1,000 metaverse-related companies headquartered in the region.

“From retail shopping to healthcare and manufacturing, the metaverse is becoming pervasive in countless industries. It is transforming industries by expediting virtual operations seamlessly and offering business opportunities for investors,” says Pratik Rawal, Managing Partner, Ascent Partners.

Also Read: Everdome Announces First-Ever Metaverse Soundtrack

Dubai’s strategy aims to funnel $4 billion of the UAE’s GDP into related projects over the next five years, bringing an estimated 40,000 virtual jobs to the metaverse by 2030. Augmented reality and blockchain projects currently bring over $500 million to UAE’s economy, with the Dubai World Trade Center (DWTC) accounting for a sizable portion of that figure.

As the metaverse builds into a thriving, heavily populated augmented-reality world, Dubai and the whole of the UAE will be poised to become the epicenter of this advanced technological revolution, bringing all of the benefits of blockchain, cryptocurrency, and augmented reality to the everyday lives of users worldwide.

Related Topics:
Advertisement

📢 Get Exclusive Monthly Articles, Updates & Tech Tips Right In Your Inbox!

JOIN 17K+ SUBSCRIBERS

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

UAE Prepares To Launch Two Satellites: Thuraya-2 And MBZ-SAT

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum chaired the first meeting of the Supreme Space Council yesterday.

Published

4 days ago

on

December 17, 2024

By

uae prepares to launch two satellites thuraya-2 and mbz-sat

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister of the UAE, chaired the first meeting of the Supreme Space Council in Dubai on December 16, 2024. The session highlighted the UAE’s ambitious space plans and took stock of the sector’s economic progress.

The council emphasized the growing role of private companies in advancing space technologies, noting that their contributions are now equal to that of the public sector. Members also praised initiatives like the Space Economic Zones Programme, which are designed to fuel innovation and investment in the space industry.

Discussing the UAE’s space journey, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum remarked, “The national space sector continues to grow and advance, and we take immense pride in the remarkable achievements we have accomplished over the years”.

Sheikh Hamdan also received updates on two upcoming satellite projects: Thuraya-2 and MBZ-SAT. Thuraya-2, developed by Space42, is slated for launch this December. Meanwhile, the MBZ-SAT, created by the Mohammed Bin Rashid Space Centre (MBRSC), will soon follow. MBRSC, a major driver of the UAE National Space Programme, continues to lead the nation’s space-related developments.

Space42 took the opportunity to showcase its advancements, including ongoing collaborations between public and private entities. The company also outlined strategies to promote innovation, boost revenue streams, and create new opportunities for growth in the sector.

Also Read: IBM Opens New Doha Office To Support Qatar’s Digital Growth

The UAE’s current projects build on a growing legacy of space exploration. Back in 2020, the nation made headlines with its Mars mission, successfully sending a probe into the planet’s orbit in 2021. This mission, which is now in its second phase as of June 2024, has been collecting critical data to develop a comprehensive diurnal image of Mars.

The UAE also ventured into lunar exploration with an unmanned mission aimed at studying untouched regions of the Moon’s surface. While the probe ultimately crashed during its landing attempt after communication was lost seconds before touchdown, the effort represented a significant step in the country’s exploration ambitions.

Continue Reading

#Trending