In an exciting development, Dubai’s Crown Prince, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, introduced a groundbreaking initiative to establish Dubai as a leading city in the e-gaming industry. The initiative aims to generate 30,000 fresh job opportunities within the sector over the course of the next ten years.
According to a statement by the Government of Dubai Media Office, the Dubai Games Programme 2033 initiative not only strives to position Dubai as a prominent player in the e-gaming industry but also aims to enhance the sector’s contribution to the emirate’s GDP, targeting nearly $1 billion by the year 2033.
The initiative will provide support to developers, designers, programmers, as well as entrepreneurs and startups within the creative industries.
Read more: Dubai’s DMCC to tap into MENA region’s $1.8 bn gaming industry
Sheikh Hamdan said, “Through the launch of ‘Dubai Program for Gaming 2033,’ our objective is to establish an incubating environment for developers and to draw leading technology companies from across the globe, particularly those specialising in digital content and experiences.”
“Dubai is well-positioned to tap into the vast opportunities within the gaming sector, which is estimated at approximately $200 billion globally,” Sheikh Maktoum added.
As part of the Dubai Metaverse Strategy, Sheikh Maktoum further stated that Dubai embraced three new projects. These initiatives reinforce the emirate’s position as a city at the forefront of the global digital future.
Saudi and UAE at the forefront
In its recent report, the Boston Consulting Group reveals that Saudi Arabia and the UAE are spearheading the gaming industry in the Middle East. The report highlighted the remarkable potential of this flourishing market, with both governments acknowledging its significance.
The Dubai Multi Commodities Centre (DMCC)’s report on the future of trade in 2023 projects that e-gaming revenues in the Middle East and North Africa region will surge to $6 billion by 2027. This represents a doubling of the figure compared to 2021.
The global gaming market is anticipated to achieve a revenue milestone of $212.4 billion by the year 2026.
Similarly, according to a report by Ernst & Young (EY), roughly 2.9 billion individuals, which is more than one-third of the global population, engaged in playing video games in 2021. During that year, the global revenue of the gaming industry surpassed $193 billion. Additionally, between 2016 and 2021, the gaming sector experienced a compound annual growth rate (CAGR) of 15.6 percent.
By 2025, the industry is projected to generate approximately $211 billion in revenue, with mobile gaming making a significant contribution of $116 billion.
Metaverse initiatives
During the meeting, Sheikh Hamdan also approved the launch of the “Metaverse Alliance”, “Metaverse Guidelines” and “Metaverse Pioneers” as part of the “Dubai Metaverse Strategy.”
The metaverse is a burgeoning domain where people can immerse themselves in virtual worlds, interact with others, and be represented by avatars or 3D entities.
Dubai, alongside the other emirates, has taken numerous initiatives to seamlessly incorporate the metaverse into the economic and social fabric of the UAE.
In July 2022, Dubai revealed its Dubai Metaverse strategy, designed to foster the creation of 40,000 virtual jobs and contribute an additional $4 billion to the economy of the emirate over the upcoming five-year period.
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