Dubai Advancing As A Global Web 3.0 Capital

Latest moves include Dubai Digital Assets Business Group launch and Emirates NBD kicking off an accelerator programme for metaverse start-ups with DIFC and Microsoft.

Dubai has embarked upon a mission to become the global hub for Web 3.0 and Metaverse development and conquer the new economic frontiers.

This week, Dubai Chamber of Digital Economy has announced the formation of the Dubai Digital Assets Business Group (D2A2). The new formation will support the digital asset companies ecosystem in the UAE and the Middle East region, and nurture the digital innovative business infrastructure.

Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Chairman of Dubai Chamber of Digital Economy, noted that the group provides an ideal platform for companies operating in the digital asset sphere to unify their voices, address market challenges and align their ambitions, adding that such efforts will accelerate Dubai’s digital transformation.

Among other exciting news from the region that follows the recently established Dubai Metaverse Strategy is the freshest banking innovation move from Emirates NBD. Powered by the tech giant Microsoft, the bank’s accelerator programme for startups operating in Metaverse will support a flourishing ecosystem backed by cutting-edge technologies like AR/VR, decentralised finance and more.

Over a ten-week acceleration programme, the DIFC Fintech Hive will evaluate and match Emirates NBD with leading start-ups offering unique propositions on the value creation, experience and technology stack required for the metaverse.

The Dubai Metaverse Strategy has picked up at a rapid pace, aiming at putting the city in the top ten metaverse economies of the world, supporting more than 40,000 virtual jobs by 2030, and adding USD4 billion to Dubai’s economy in five years.