UAE is considering implementing a new economic output metric to measure the contribution of metaverse to its economy, according to Omar bin Sultan Al Olama, minister of state for artificial intelligence, digital economy, and remote work applications.
Gross Metaverse Product (GMP) will now be the new measure of the country’s economic success, instead of Gross Domestic Product (GDP), the minister said at the first-ever Dubai Metaverse Assembly. GMP is meant to showcase the potential of metaverse technology and how it can be a significant contributor to the future economy.
“Gross Metaverse Product will be able to create billions of dollars in returns from Dubai without people being physically in the emirate but experiencing it in the metaverse,” Al Olama said as part of his address.
The details of the Dubai Metaverse Strategy were unveiled on Wednesday, 28 September 2022 in the presence of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai. The sectors where the new metric will be applied include tourism, education, retail, real estate, and the government.
I attended the Dubai Metaverse Assembly at the Museum of the Future today. More than 500 global experts are in Dubai to design the future of the metaverse and explore its potential applications. Dubai remains a global hub for testing and developing future technologies pic.twitter.com/PYZq5B6HVu
— Hamdan bin Mohammed (@HamdanMohammed) September 28, 2022
Dubai is one of the early adopters of the emerging metaverse technology, and the country’s leadership has taken a number of steps to promote further adoption. The idea of the Metaverse Strategy became public in July. It aims to create 40,000 new jobs and add $4 billion to the Emirati economy in the next five years.