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Dubai forms higher committee for upcoming tech and digital economy

Dubai_forms_higher_committee_for_upcoming_tech_and_digital_economy

Dubai has formed a higher committee for upcoming tech and digital economy as the emirate continues to enhance efforts to establish itself as a global hub for the future economy.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, tweeted on Tuesday that the new entity aims to “promote Dubai’s excellence in the digital economy worldwide.”

Sheikh Hamdan, who will chair the committee, mentioned: “We are working as a team to promote Dubai’s position as a global birthplace and research laboratory for upcoming technologies and one of the top 10 economies in the Metaverse world, in line with the Dubai Metaverse strategy”.

The new committee, that will consist of eight members, will manage the implementation of strategies related to the digital economy and upcoming technologies in Dubai, an announcement from the Dubai Media Office stated.

It aims to help assist the future of artificial intelligence by investing in the Metaverse and creating collaborations to strengthen Dubai’s digital economy.

The move comes one week after Sheikh Hamdan revealed the Dubai metaverse Strategy, that attempts to create 40,000 jobs and add $4 billion to the emirate’s economy over the next five years.

The metaverse is the developing digital space where people, represented by avatars or 3D likenesses, are able to cooperate in virtual worlds.

It is part of Web3, the following evolution of the web, with blockchain, decentralization, openness, and perfect user utility among its center features.

As reported by Canada-based Precedence Research, the global metaverse market is projected to go beyond $1.6 trillion by 2030 at a compound annual growth rate of over 50%, from an estimate $40 billion in 2021.

The UAE has taken several important steps to combine the metaverse and its related tech, involving blockchain, cryptocurrencies, and other Web3 innovations, into the economy, government, and society as part of activities to strengthen the upcoming economy.

The statement said that the new committee will design policies and trends for the digital economy and upcoming technologies, containing metaverse, artificial intelligence, blockchain, Web 3, VR, AR, Internet of Things, data centers, and cloud computing in Dubai.

In addition, it will look to interest international companies and conferences specializing in upcoming technologies and the digital economy.

Sheikh Hamdan said: “Dubai is a global platform for future technology and business models that aim to create new economic opportunities.

He added that the emirate is currently a “leading global center for new concepts and disruptive economic and technological models, that use advanced technology in critical sectors to enhance people’s living standards.”

Dubai announced the previous week that it will host its initial Metaverse industry event in September.

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