Dubai dives into the metaverse

Dubai is exploring opportunities in the metaverse, expecting to attract over 1,000 businesses and create some 40,000 virtual jobs by 2030. The Emirate aims to become one of the top 10 metaverse economies globally. Since Dubai is the most densely populated city in the United Arab Emirates (UAE), its leaders are determined to position it as a global leader in the metaverse economy. Here’s what this means for foreigners considering a move to Dubai.

The objectives of Dubai’s metaverse strategy

Dubai’s newly launched metaverse strategy aims to draw more than 1,000 businesses specializing in blockchain and the metaverse by 2030. By doing so, it is also betting on the creation of over 40,000 virtual jobs. The official announcement states: “This would further boost Dubai’s economy and support the UAE government’s vision of increasing the number of blockchain companies by five times the present number.”

Support from Dubai’s authorities

The metaverse strategy was developed following the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai. According to Omar bin Sultan Al Olama, UAE Minister of State for Artificial Intelligence and Digital Economy, this strategy is expected to advance the UAE’s efforts to “provide innovative solutions, positively impact people’s lives, and transform the Emirate into one of the world’s smartest hubs, offering new economic opportunities”.

Did you know?

Dubai is a cosmopolitan and dynamic city attracting foreign professionals and investors from around the globe. Below are some key points you should know about the Dubai:

• The emirate is home to over 75% foreigners, which is nearly 2.72 million people, making it an amazing cultural melting pot.
• Approximately 240,000 British nationals made Dubai their new home thanks to its pleasant climate, abundant job opportunities, tax-free income, and high quality of life.
• The cost of living in Dubai is 20.6% lower than in London. With an average salary in Dubai, foreign professionals enjoy 24.3% higher local purchasing power than in London.
• Several sectors, such as finance, tourism, and technology, are booming in Dubai, offering a wide range of professional opportunities for highly skilled professionals. Fields such as education, accounting, cybersecurity, web development, and healthcare are actively recruiting.

The expected economic impact

According to official figures, virtual reality (VR) and augmented reality (AR), which facilitate access to the metaverse, currently account for 6,700 jobs in the UAE and contribute around $500 million to the country’s economy. A 2020 PricewaterhouseCoopers (PwC) report indicated that VR and AR technology could inject $4 billion into the UAE economy by 2030.

International competition

The UAE is the latest jurisdiction to make significant strides in the metaverse. In July, Shanghai, one of the leading cities in China, unveiled its strategy to build a metaverse economy valued at 350 billion yuan (USD52 billion) by the end of 2025.

Opportunities for foreign professionals looking to move to Dubai

Dubai’s expansion into the metaverse presents exciting opportunities for foreigners looking to move there. Below are some of the key points to consider:

• Dubai is actively attracting businesses specializing in blockchain and the metaverse. With over 1,000 companies and 40,000 virtual jobs expected, career prospects in these sectors are promising.
• Dubai’s initiatives present interesting job opportunities for those with expertise in areas such as virtual reality (VR), augmented reality (AR), blockchain technology, or metaverse development.
• Dubai is a cosmopolitan city with a sizeable expatriate community. Its benefits include a lower cost of living than many major Western cities, a pleasant climate, a high quality of life, and no income tax.
• Beyond the metaverse, Dubai also boasts other booming sectors like finance, tourism, and technology, creating numerous job opportunities for highly skilled expatriates in various fields such as education, accounting, cybersecurity, web development, and healthcare.

The best practices and steps for moving to Dubai

StraFin, your relocation partner, supports you at every stage of your move to Dubai.

• We assist you in obtaining the appropriate visa for your situation, whether it’s a work visa, investor visa, or retirement visa.
• Our team of experts is here to help you find housing, understand Dubai’s dynamic real estate market and get the best deals.
• We also help you open a local bank account to make your financial transactions smoother.
• We ensure you find suitable medical coverage in case you encounter any health issues.
• Although English is widely spoken in Dubai, we help you find tailor-made language courses so that you can learn some Arabic to ease your integration into the local culture.
• StraFin helps you understand local customs and traditions to ensure you adapt your behavior accordingly.

Sources for this article:

Dubai Unveils Metaverse Strategy, Aims to Attract Over 1,000 Firms

Living and Working in Dubai Statistics 2023 | Teaching Abroad Direct