Corpin Consultants

Dubai Economy

Dubai Metaverse Hub
Blogs

Dubai is Expected to be the Metaverse Hub in the Next 5 Years

/

Dubai, the city of dreams is soon expected to witness a revolutionary transformation with the advent of metaverse and blockchain ecosystems. Being a futuristic city always striving hard to embrace the best of innovation, it is all set to utilize the maximum potential of being a metaverse hub. Announced in June by Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, the strategy aims at ensuring that the metaverse hub raises its contribution to 1 percent of the emirate’s overall GDP. Headed by the Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the strategy is made focusing five pillars – innovation, government implementation of metaverse technologies and talent development. The exceptionally crafted regulatory framework of Dubai offers the most favorable environment to make it the global capital of Web 3.0 with the path-breaking metaverse and blockchain. The Dubai Metaverse Strategy was revealed at the Dubai Metaverse Assembly on September 28, to be one of the top economies and a major global metaverse hub. Metaverse and Blockchain has immense potential to transform the digital space with a combined experience of augmented reality (AR), virtual reality (VR), spatial computing and sensorial technology. According to a forecast, the global market size of metaverse is expected to cross $1.6 trillion by 2030. However, companies such Meta (Facebook), Microsoft, Google, Mubadala, and Nvidia are just a few organizations with substantial investments in the metaverse. UAE is already on a mission to create a build a unique space for metaverse with over 1000 companies headquartered in the country. Dubai metaverse strategy is expecting to target $4billion of the country’s GDP in the upcoming five years and will generate over 40,000 virtual jobs in the metaverse and blockchain sectors by 2030. Metaverse, a path-breaking innovation of the blockchain development world though being in its initial stages expects to deliver a revolutionary experience for millions of users worldwide and shake the world’s economy. Presently, the sector generates around 500 million dollars for the UAE’s national economy. Dubai World Trade Center (DWTC) is a dedicated zone for virtual assets. The city is already setting firm foundations for the metaverse to thrive, by exploring opportunities around infrastructure, education, technology, and more.

News

Dubai Economy Grew 2.1% in the first half of 2019

/

Dubai Economy Grew 2.1% in the first half of 2019 According to recent data published by the Dubai Statistics Centre(DSC), the Dubai economy grew up to 2.1 per cent in the first half of 2019. Arif Al Muhairi, Executive Director of the DSC stated that the flexibility of Dubai’s economy and its business structure helped the country retain its economic growth, in spite of the regional and global economy slowdown. He also mentioned that the wholesale and retail sector plays a significant role in the overall growth of the local economy. Dubai’s strong infrastructure also promote the growth of its re-export business and bilateral trade. Al Muhairi further quoted that the trade sector achieved an exponential growth of 3.3% backed by higher external trade, and higher re-exports by 3 per cent to cross Dh210 billion in the first half of 2019. The wholesale and retail sector, which contributes 25.5 per cent to Dubai’s GDP crossed 3.3 per cent YoY, while external trade grew by 17.7 per cent to reach Dh76 billion. The transport and storage sector flourished up to 6.2 per cent. This sector plays a crucial role in Dubai’s economy as it is closely related to all other economic sectors. The hospitality and restaurant sector, which contributed 5.1 per cent to GDP, grew 2.7 per cent. According to the data by the Department of Tourism and Commerce Marketing, total visitors to Dubai in the first half of 2019 reached 8.4 million, a 3.2 per cent growth compared to the same time in 2018. Manufacturing activity, which contributed 9.5% to Dubai’s GDP, grew by 0.3 per cent in the first six months of 2019, compared to the same period in 2018. Real estate activity also grew by 2.1 per cent in the first half of 2019 compared to the same time in 2018 and contributed nearly 7.4 per cent to the total GDP. Apart from that, mining, construction, professional activities, administrative services, public administration, education, health, arts, entertainment, household, and other service activities grew 2 per cent YoY, with a joined contribution of 23 per cent to Dubai’s GDP. At the same time, agriculture, electricity, gas, water, waste management, insurance, finance, information and communication activities declined by 1.4 per cent. YoY. Al Muhairi said that these sectors contributed 17 per cent to the total GDP. This decline had a slight impact on the overall growth of the economy. Corpin Consultants is one of the most reliable business setup consultants in Dubai with a team of experienced professionals having profound knowledge about the country’s regulations and documentation requirements. To know more about our services, call us at +971 55 843 2911 or drop an email at info@corpinconsultants.com.

Scroll to Top