Hamdan bin Mohammed, Maktoum bin Mohammed issue directives to set up task force to track digital economy

Published date19 May 2022
Publication titleLETA

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, and H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, reviewed vital technology trends in the metaverse and issued directives to form a task force to track the latest developments in the digital economy.

The move is part of the directives issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, during the previous meeting of the Dubai Council.

His Highness had directed the formation of a higher committee to supervise technological developments in the emirate and oversee developments in the digital economy, contributing to enhancing Dubai's status as the best city in the virtual space thanks to innovative services and its advanced regulatory and legislative framework.

Sheikh Hamdan said the formation of the higher committee to oversee technological advances in Dubai reflects the farsighted vision of H.H. Sheikh Mohammed bin Rashid, who always looks ahead and takes proactive and prompt decisions to harness potential opportunities. The decision would cement Dubai's status as a key city in the metaverse, H.H. added.

"The directives of His Highness Sheikh Mohammed bin Rashid to form a higher committee to supervise Dubai's future technological developments reflect the importance of facing the future with an open mind. The move will help us fully understand reality and explore unique ideas that will shape a brighter future for Dubai and the UAE, maximising future business opportunities," H.H. said.

Sheikh Hamdan noted that the committee had started work on key pillars and the objectives of the Dubai Metaverse Strategy. Based on data and information, the strategy aims to increase the contribution of the metaverse sector to Dubai's economy to US$4 billion by 2030 and increase its contribution to Dubai's GDP to 1 percent.

During the meeting, Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Teleworking Applications and Chairman of The Dubai Chamber of Digital...

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