Dubai scorches crypto winter with plans to support 40,000 ‘virtual jobs’

Dubai aims to be one of the top 10 cities globally in the metaverse economy, creating 40,000 virtual jobs and adding US$4 billion to the city’s economy in five years. 

See related article: Dubai could be crypto’s promised land, Citi says

Fast facts

• The launch of the Dubai Metaverse Strategy on Monday was aimed at fostering innovation in new technology, Crown Prince Sheikh Hamdan bin Mohammed said on his verified Twitter handle.
• The Emirati state is home to over 1,000 companies operating in the metaverse and blockchain sector, contributing US$500 million to the national economy, he said.

• The strategy entails increasing the number of blockchain and metaverse companies five-fold in five years, Bin Mohammed said.
• Dubai also aims to develop metaverse use-cases and applications for its government, cultivating talent for the industry through education and training. 

• Dubai has been attracting cryptocurrency exchanges with its favorable regulatory environment and faster approvals for licenses. 

See related article: Binance wins crypto license in Dubai days after FTX