Dubai is steadily reinforcing its position as a global hub for cutting-edge technologies and a major center for digital business models and transformational initiatives, according to H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council.
"Our directives are aimed at accelerating our plans to achieve this goal and make Dubai one of the top 10 digital economies in the world, aligning with the Dubai Economic Agenda D33," Hamdan said in a tweet.
Sheikh Hamdan was presiding over the second meeting of the Higher Committee for Future Technology Development and Digital Economy.
H.H. Sheikh Hamdan bin Mohammed said Dubai is proactively developing plans to accelerate digital growth and adopt new technologies through collaborative partnerships between government entities, international corporations and the broader private sector.
Other members at the meeting included the Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, the Chairman of the Dubai Chamber of Digital Economy, and the Vice Chairman of the Committee, as well as other members of the Committee, including Helal Saeed Al Marri, Director General of Dubai's Department of Economy and Tourism; Hamad Obaid Al Mansoori, Director General of the Dubai Digital Authority; Khalfan Belhoul, CEO of the Dubai Future Foundation; Ahmed bin Byat, Vice Chairman of the Dubai Chamber of Digital Economy; Malek Al Malek, Director General of the Dubai Development Authority and Chairman of TECOM Group; Arif Amiri, CEO of the Dubai International Financial Centre (DIFC); and Maha Al Mezaina, Reporter of the Committee.
Members of the Committee took stock of recent advancements in the digital field and explored ways to overcome challenges and take advantage of new opportunities. Such strategies aim to achieve the objectives of the Dubai Metaverse Strategy in line with the goals of the Dubai Economic Development Corporation (DEDC) and the objectives of the Dubai Economic Agenda D33 to double the size of Dubai's economy and strengthen its position as one of the world’s top three cities over the next 10 years.
Other issues discussed at the meeting included global trends and the development of Dubai’s digital infrastructure.
The meeting also assessed Dubai's digital readiness and ways to leverage its high internet usage rates to take advantage of new opportunities in the sector.
Members of the Committee discussed plans and recommendations to achieve Dubai’s digital economy goals and new approaches to maintain high levels of proactivity in the sector.
Analysts estimate that the metaverse will contribute up to $5 trillion to the global economy by 2030. The market value of NFTs is expected to reach $80 billion, while consumer spending on in-game purchases is expected to reach $75 billion by 2025.