Dubai Attains The Status As Global Capital Of Web3

by Ishita Agarwal
Dubai Attains The Status As Global Capital Of Web3

After Sheikh Hamdan bin Mohammed al Maktoum, the Crown Prince of Dubai and the Chairman and CEO of Dubai, launched Dubai’s Metaverse Strategy earlier this month. It is now a global leader in developing and implementing the world’s most advanced and connected ecosystem for the metaverse community to thrive in a dynamic and supportive environment. Let’s know more about Dubai’s upcoming Web3 potential. 

Dubai A Hub Of 1,000 Companies In The Metaverse 

Yes, you heard it right! More than 1,000 enterprises in the metaverse and blockchain industry have already set up shop in the UAE. The sector’s contribution of $500 million to the UAE’s GDP expects to rise dramatically as the city recruits new participants. Dubai’s Metaverse Strategy will support more than 40,000 virtual employment by 2030, bringing in $4 billion in additional revenue for the city in only five years.

At the same time, it is striving to become one of the top 10 metaverse economies and a worldwide leader in implementing digital solutions. Moreover, increasing the number of blockchain enterprises five-fold.



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Dubai’s Virtual Assets Ecosystem

As a business-friendly city, it is well-positioned to benefit from the growth of the virtual assets sector, which will help meet the demands of the future economy. Dubai World Trade Centre (DWTC), Dubai International Financial Centre (DIFC), and DMCC Crypto Centre are Web3 and crypto free zones. Hundreds of Web3 entrepreneurs and professionals from across the globe attended this year’s ETHDubai and Binance Blockchain Week. 

As home to many innovative firms, the city aims to conquer the new economic frontier. As the world’s Web3 capital, it will continue to benefit from its continued technology developments and infrastructural improvements.

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