The Dubai Metaverse Assembly will take place in September at Dubai's Museum of the Future.

Dubai has launched a new plan that will boost its economy by more than $4 billion over the next five years and use the metaverse to generate 40,000 new jobs.

On July 18, Dubai's Crown Prince, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, launched the Dubai Metaverse Strategy, a plan to make the emirate a hub for blockchain and cryptocurrency technology worldwide.

According to Sheikh Hamdan, the emirate is now home to nearly 1,000 businesses engaged in the blockchain and cryptocurrency industries, contributing $500 million to the national economy. In the upcoming years, the initiative seeks to develop international standards to create platforms that are risk-free for users and investors.

New regulations and infrastructure will help in the adoption of blockchain, cryptocurrency, Web 3.0, and metaverse technologies.

As reported by the state news agency WAM, the strategy emphasizes fostering talent and making investments in future capabilities by providing the required support for metaverse education for programmers, content creators, and consumers of digital platforms in the metaverse community.

The Crown Prince stated that the initiative is critical to continue to solidify Dubai's status as a hub offering the most advanced ecosystem for the metaverse.

Given that analysts predict the metaverse will boost the global economy by up to $5 trillion by 2030, Dubai will prioritize extended reality, including virtual reality and augmented reality, as a crucial pillar.

The focus of new governmental employment models will be on industries such as tourism, education, retail, remote work, healthcare, and the legal sector.

Meanwhile, the Dubai Metaverse Assembly will take place in September at Dubai's Museum of the Future. Over 300 experts and 40 specialized organizations will gather at the global event to talk about the opportunities the metaverse has to offer.