The Dubai Metaverse Strategy was announced by Prince Hamdan of the Emirate of Dubai in the United Arab Emirates on July 18, 2022. The strategy outlines the goal of creating more than 40,000 job openings on the metaverse within five years, increasing Dubai's GDP to $4 billion.

On his Twitter account, Prince Hamdan announced the strategy. The new strategy is said to support the Dubai government's goal of increasing the number of blockchain firms in five years. There are already over 1,000 companies in Dubai's metaverse and blockchain industry promoting cutting-edge technology, with a $500 million contribution to the national economy. In other words, it plans to grow eightfold over the next five years. Furthermore, Dubai will promote metaverse innovation, economic effects, and human resource development, with the goal of ranking among the top ten in the world's metaverse economy.

Prince Hamdan's specific objectives are as follows:

• 5x increase in blockchain metaverse companies over the next 5 years

• Grow to 40,000 virtual occupations and an economy worth $4 billion over the next 5 years

• Grow to the number one metaverse economy in the region and one of the top ten economies in the world in terms of economic value

• Foster metaverse innovation and economic impact

• Develop metaverse workforce through education and training

• Promote metaverse usage within the Dubai government

Aside from the metaverse, Dubai is actively attracting crypto asset-related businesses through a variety of incentives. For example, a company can be established with 100% foreign investment in a free zone.

Emirates Airlines has also announced its entry into the metaverse, with the release of its own VR app on the Oculus store in 2021. The Damac Group, a major real estate company, is also considering the concept of a digital city, and the Thumbay Group, a major medical company, intends to conduct virtual consultations within the metaverse.