Picture used for illustrative purpose.

Gulf Today, Staff Reporter

How do you describe Dubai to a visitor or tourist? The city is ineffable, you just cannot describe its amazing persona. It has everything what one is looking for: gleaming glass and chrome highrises, smooth roads, exotic landscaped greenery, ultra-comfortable modes of transport.

When it comes to style and comfort, Dubai hits the stratosphere.

But it is not a city that is willing to rest on its laurels. It is constantly striving to achieve new feats, cross new milestones, thanks to the excellent guidance of its caring leadership.

It has huge appeal for a galaxy of businessmen, from entrepreneurs to angel investors.

Dubai is the go-to destination for trillions of dollars worth of transactions between the East and the West.

It is also making forays into another domain that smacks of futuristic self-confidence: technology. When we talk tech here, it is just not chips and bytes. There is artificial intelligence, augmented reality, even blockchain involved.  It is now the world capital of Web3, which includes cryptocurrency and blockchain firms.

The recent launch of Dubai’s Metaverse Strategy by Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, and Chairman of The Executive Council of Dubai, puts it in an unprecedented enviable realm: it consolidates Dubai’s status as a global capital of advanced technologies, primarily artificial intelligence (AI) and Web3.

Metaverse is a new stage in the digital age, a game-changing virtual platform where people can connect and see their businesses spiral, a plunge into the exotic, immersive experience.

The Dubai Metaverse Strategy seeks to back over 40,000 virtual jobs by 2030 and add $4 billion to the emirate’s kitty in five years.

The Dubai Metaverse Assembly, to be held in September, will see barnstorming sessions on tapping revolutionary technology by over 300 global experts and thought leaders from over 40 companies.

The Economist’s Digital Cities Index 2022 ranks Dubai first in the Middle East and 18th globally. Within the Index, Dubai is among the Top 10 in digital finance.

Not many know that Dubai is the world’s first to set up a dedicated virtual assets regulator.

Dubai has seen over 1,000 firms mushroom in the metaverse and blockchain sector.

 As the city attracts new players, the sector’s current contribution of $500 million to the UAE’s economy is estimated to increase significantly.

Where the metaverse is concerned, Dubai has formed a higher panel for Future Technology and Digital Economy chaired by Sheikh Hamdan Bin Mohammed.

Many believe Web3 will include ‘crowd-owned’ social media platforms, search engines and marketplaces, replacing the current ‘corporate-owned’ format.