Dubai has set out to improve people’s lives and provide creative solutions by positioning itself as the global capital of Web3 through its new metaverse and blockchain technology, according to local media outlet Gulf Today.

Dubai, which launched its Metaverse Strategic Plan in July, sees it as a springboard for attracting new projects and businesses to the city, as well as boosting global and regional economies.

The metaverse plan also seeks to boost digital currency ecosystem contributions to $4 billion from the current $500 million.

Pratik Rawal, Managing Partner of Ascent Partners, noted:

“From retail shopping to healthcare to manufacturing, the metaverse is going mainstream in countless industries. It is transforming industries by accelerating seamless virtual operations and providing business opportunities for investors.”

To bring the world to people’s fingertips, the metaverse seeks to deliver a blended experience through spatial computing, virtual reality (VR), sensory technology, and augmented reality (AR).

Helal Saeed Almarri, President of the Virtual Assets Regulatory Authority (VARA), noted:

“Dubai Metaverse Assembly is a landmark launch signaling Dubai’s readiness to move forward with its metaverse strategy, and industry engagement is at the core of its success.”

The Dubai Metaverse Assembly is an event that is expected to further cement the city’s quest to become a major player in Web3 and metaverse technologies. It is expected to have at least 40 global organizations and 300 delegates.

A recent CNBC report noted that Dubai was reaping the dividends from new technology investments because it had laid the groundwork for a post-pandemic boom through a low-tax and business-friendly environment.

As a result, Dubai has become a global technology hub with a major catalyst for crypto.

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