The Dubai Metaverse Strategy, spearheaded by Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, also aims to expand the metaverse's contribution to the emirate's GDP to 1%.

According to Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai, the emirate's metaverse industry will contribute $4 billion to its economy by 2030 as part of the Dubai Metaverse Strategy, which was revealed earlier this month.

The Dubai Metaverse Strategy, spearheaded by Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, also aims to expand the metaverse's contribution to the emirate's GDP to 1%.

To keep up with the rapidly changing digital economy, the deputy ruler of Dubai and Dubai's Crown Prince, Sheikh Hamdan bin Mohammed, has instructed Sheikh Maktoum bin Mohammed, Dubai's official news agency, to organize a task force.

This will help them comprehend reality and explore creative ideas that will form a brighter future for Dubai and the UAE, maximizing business potential, according to the prince.

Dubai's metaverse plan will be developed by a higher committee. Sheikh Hamdan announced that the higher committee has begun work on the Dubai Metaverse Strategy's major pillars and goals.

Minister of State for Artificial Intelligence (AI), Digital Economy (DE), and Teleworking Applications (TA) for the United Arab Emirates Omar bin Sultan Al Olama presented the metaverse as a way for Dubai to expand its business opportunities beyond the city's physical borders during his meeting with Sheikh Hamdan and Sheikh Maktoum.

As part of the committee's plan to integrate metaverse technology, the group hopes to boost resident surgeons' performance by 230 percent and engineer productivity by 30 percent, while also providing support for the virtualization of 42,000 occupations.

A legal and legislative framework for the virtual world is being developed in Dubai as the city strives to become a major participant in the field.

It is also developing new programs and activities to boost its online presence. Work is ongoing to identify possibilities and problems while developing a legislative framework that meets the needs of all sectors.

Additional efforts are being made to ensure that human capital may thrive in the virtual realm.

Business revenue from the metaverse is expected to expand from $180 billion now to $400 billion by 2025, according to current projections.

After announcing earlier this month that it had set up a Metaverse HQ, Dubai's Virtual Assets Regulatory Authority (VARA) said that it had entered this new and emerging digital environment with its Metaverse Headquarters.

VARA's resources will be made available to an international audience as part of Dubai's plan to develop a prototype for a decentralized regulator model.

Government and industry leaders, other authorities, and virtual asset service providers will be able to use it, too, in order to assist create the digital economy of the future.

Using The Sandbox platform, an Ethereum blockchain-based application that allows users to generate, sell, and purchase digital assets will be used by VARA's MetaHQ.