As the metaverse, crypto and blockchain continue to gain traction, unlocking business opportunities globally, the UAE proved its commitment to digital assets with the formation of the Virtual Assets Regulatory Authority earlier this month. 

Fortifying the country as one of the most conducive to emerging technologies, Dubai will be forming a task force dedicated to monitoring and tracking the digital economy while overseeing the latest developments in the sector.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and chairman of the Executive Council of Dubai, and Sheikh Maktoum bin Mohammed, Deputy Prime Minister and Minister of Finance, issued directives to form the task force, the Dubai Media Office said in a statement.

The formation of the higher committee reflects the leadership’s far-sighted vision that would “cement Dubai’s status as a key city in the metaverse,” the statement said. 

The emirate is leveraging its position as a hub in the virtual arena. The latest announcement follows the UAE’s commitment to double the digital economy’s contribution to its GDP from 9.7% to 19.4% over ten years. The initiative aims to enhance the city’s status with innovative services and advanced regulatory and legislative frameworks.

The committee aims to implement metaverse technologies that can help improve the performance of resident surgeons by 230% and increase the productivity of engineers by 30%, in addition to supporting 42,000 jobs to become virtual. It will support the nation in understanding and exploring unique innovations that will shape a brighter future for Dubai and the UAE, maximizing future business opportunities, as per an official statement.