While metaverse and Web3 technologies continue to advance, Dubai is investing heavily in the future of the digital economy. Recently, Dubai International Financial Centre (DIFC) announced the launch of a metaverse platform to attract technology innovators from around the world.

The metaverse platform is aligned with the Dubai Metaverse Strategy, which aims to add $4 billion to Dubai’s GDP and attract 1,000 companies specialized in blockchain and metaverse technologies.

The metaverse platform has three key initiatives: an accelerator program with a dedicated physical studio for the technology, metaverse policy development and legislation on open data, digital identity, and company law frameworks, and developing a metaverse community.

Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, stated that the metaverse platform is the first in a series of initiatives that aim to strengthen Dubai’s position as a global platform for the latest digital trends and accelerate the pace to achieve the objectives of the Dubai Metaverse Strategy.

“The development of the integrated DIFC Metaverse Platform will accelerate the achievements of Dubai’s aspirations in this sector. The initiative is a natural extension of our Innovation Hub proposition that has shaped the technology and innovation landscape in the Middle East, Africa, and South Asia region,” Arif Amiri, CEO of DIFC Authority, said in a statement. 

The metaverse accelerator program, which will run for six months, is the first initiative to be launched under the platform’s umbrella. It will start accepting applications this month. In the coming years, the program seeks to attract more than 500 applications, identify 50 of the most promising graduates, and stimulate investment opportunities to help the sector grow.