On Monday, July 18, Dubai announced its new Dubai Metaverse Strategy aimed at expanding its digital capabilities and adoption of cryptocurrency.

To transform the Emirate into one of the world’s top metaverse economies, the strategy hopes to attract more than 1,000 companies in the blockchain field. Forming a global hub for a metaverse community, Dubai plans to create more than 40,000 virtual jobs by 2030 and intends to add an estimated $5 trillion USD to the global economy over the next five years.

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

“Adopting new technologies will be a steppingstone in Dubai’s vision to use future technologies to create new work models in vital sectors and increase the metaverse’s impact on regional and global economies,” Dubai’s Sheikh Mohammed bin Rashid Al Maktoum shared in the announcement.

The strategy’s key pillars focus on blending the physical and virtual worlds through extended reality, augmented reality (AR), virtual reality (VR), mixed reality, and digital twins (virtual representation of objects or systems). It also includes plans to invest in research and development (R&D) efforts by utilizing accelerators and incubators to attract support from abroad in expanding its metaverse activities.

Targeted at creatives, developers, and users, the new goals emphasize providing investment and assistance in Dubai’s metaverse education and safe digital platforms while also creating Web3 applications for “tourism, education, retail, remote work, healthcare, and the legal sector.”

Recently, Shanghai released its five-year plan to expand its talent and abilities in blockchain, Web3, and the metaverse.

In other Web3 news, Luana Pinheiro becomes first female UFC fighter to receive salary in bitcoin.