Dubai plans to become a virtual reality development center in 5 years

Dubai authorities have announced the launch of the Dubai Metaverse Strategy program — the city plans to become a virtual reality development center in 5 years, create 40,000 jobs and increase revenues from metaverse to $ 4 billion.

As Crown Prince Habdan Bin Mohammed of Dubai posted on his Twitter page, the virtual reality sector currently employs more than 1000 companies that pay $ 500 million in taxes, and the government hopes to increase these figures several times. Also, according to the government, the city needs to develop reliable mechanisms for storing digital assets to become number 1 in the UAE and enter the top 10 cities developing virtual reality.

As a reminder, the Dubai government plans to integrate public institutions into the metaverse. They promise that city residents will be able to use virtual reality to communicate with officials without even leaving their homes. Dubai has a huge real estate market, which is why, according to the city’s representatives, it is important that potential buyers have the opportunity to choose real housing online, style it with the help of tools in the virtual world, and pay for the purchase in cryptocurrency.