During a meeting of the United Arab Emirates' (the "UAE") Higher Committee for Future Technology and Digital Economy, chaired by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, the Dubai Program for Gaming 2023 was presented aiming to position Dubai as a global leader in the e-gaming industry.
This significant project seeks to create up to 30,000 new jobs in the e-gaming sector over the next ten years, as well as to significantly increase its contribution to the emirate's GDP, targeting nearly $1 billion by 2033, according to a statement from the Government Media Office.
The initiative will provide support and incentives to all stakeholders in the ecosystem, including developers, designers, programmers, as well as entrepreneurs and startups.
Sheikh Hamdan clarified that the goal is to create an environment that attracts leading technology companies from around the world, especially those specialized in digital content and experiences, thanks to its established position for developing this industry and seizing the vast opportunities in the gaming sector, estimated at around $200 billion globally.
Initiatives in the metaverse sector have not been lacking. During the same meeting, Sheikh Hamdan also approved the launch of the "Metaverse Alliance," "Metaverse Guidelines," and the "Metaverse Pioneers" as part of the "Dubai Metaverse Strategy," a comprehensive project aimed at seamlessly integrating the metaverse into the economic and social structure of the UAE.
The Dubai Multi Commodities Centre ("DMCC") report on the future of trade in 2023 predicts that e-gaming revenues in the Middle East and North Africa region will reach $6 billion by 2027, doubling the 2021 figure, while the global gaming market is expected to reach a revenue milestone of $212.4 billion by 2026.
Similarly, according to an Ernst & Young report, about 2.9 billion individuals, more than one-third of the global population, played video games in 2021. During that year, the global gaming industry's revenue surpassed $193 billion. Furthermore, between 2016 and 2021, the gaming sector recorded a compound annual growth rate of 15.6%. By 2025, the industry is expected to generate approximately $211 billion in revenue, with a significant contribution of $116 billion coming from mobile games.
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