The Crown Prince of Dubai on Monday announced the launch of the Dubai Metaverse Strategy.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, took to Twitter to share the pillars and targets of the strategy.

Calling the metaverse "the next revolution [that would] affect all aspects of life during the next two decades", Sheikh Hamdan noted that there are currently 1,000 companies in this sector in Dubai alone. "[They] contribute $500 million to our national economy, and we expect it to rise strongly during the coming period," he stated.

The strategy aims to exponentially increase the number of blockchain and metaverse companies five times in five years, introducing 40,000 virtual jobs that would contribute $4 billion to Dubai's economy.

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