The launch of the cyber security initiative comes weeks after the ransomware virus "WannaCry" paralyzed millions of institutional and private PCs across the world. (Reuters photo)

DUBAI, May 31 (Xinhua) -- Dubai launched on Wednesday an initiative to ensure cyber security among "establishments and residents" in the city, United Arab Emirates (UAE) daily Gulf news reported.

At the launch in Dubai's business skyscraper Emirates Towers, Sheikh Mohammed Bin Rashid Al-Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, said it is necessary for Dubai to develop a comprehensive defense strategy against hacker attacks.

According to Sheikh Mohammed, his government wants "to harness technology to create a new reality in Dubai and a different life, a new model of development."

Based on five pillars, the initiative will be achieved by implementing cyber smart technology, innovation, cyber security, cyber resilience, and collaborating on a national and global level, he said.

Dubai has the most diversified economy in the Gulf Arab region, according to the Washington-based bank association Institute of International Finance. Most of the world's Fortune 500 firms run offices in the city.

The launch of the cyber security initiative comes weeks after the ransomware virus "WannaCry" paralyzed millions of institutional and private PCs across the world, with the UAE not being affected, the UAE daily The National reported on May 13, quoting the telecommunications regulatory authority TRA.