Dubai To Host Global Metaverse Event, Unveils Its Ambitious Strategy

Dubai will host a global event where local and international leaders will gather to discuss the potential of the new digital space — the metaverse. As announced by Dubai’s Crown Prince, the inaugural Dubai Metaverse Assembly will take place on September 28 and 29 at the Museum of the Future and Emirates Towers.

In line with Dubai Metaverse Strategy, the Museum of the Future will host Dubai Metaverse Assembly in September 2022. The global event gathers over 300 experts and 40 specialized organizations to discuss the unlimited opportunities offered by the metaverse to serve humanity. pic.twitter.com/HWpypHHjqm

— Hamdan bin Mohammed (@HamdanMohammed) July 19, 2022

The Metaverse

Metaverses are digital spaces where users can interact and move virtually using their three-dimensional avatars. Web3 is promoted as a new generation of the World Wide Web, with blockchain, decentralization, openness, and greater utility for users. McKinsey & Company reports the potential of the global metaverse market is to generate $5 trillion in value by 2030.

The Dubai Metaverse Strategy

The announcement comes after unveiling the ambitious “Dubai Metaverse Strategy,” as it looks to create 40,000 virtual jobs and add $4 billion to its economy over the next five years. The crown prince also tweeted to increase the number of blockchain and metaverse companies by five times in the same time span. The “Dubai Metaverse Strategy” aims to put Dubai on the map as one of the “top 10 cities globally in terms of virtual economy.”

We launched the Dubai Metaverse Strategy today, which aims to foster innovation in new technology. Dubai is home to over 1,000 companies operating in the metaverse and blockchain sector, which contributes $500 million to our national economy. pic.twitter.com/J1XRmd2ub3

— Hamdan bin Mohammed (@HamdanMohammed) July 18, 2022

 

State-run WAM news agency said, 

“The strategy emphasizes fostering talent and investing in future capabilities by providing the necessary support in metaverse education aimed at developers, content creators, and users of digital platforms in the metaverse community.”

The city’s biggest companies like Emirates or Damac Group are already stepping into the metaverse. Within the next few months, Thumbay will launch a virtual hospital for virtual consultations. Emirati authorities, governments, and citizens are taking steps to integrate cryptocurrencies and metaverse-related technology into the economy, government, and society of the UAE.

Interesting read: How Will Dubai’s Metaverse Sector Contribute To Its Economy By 2030?

Charting the future of the metaverse

The Dubai Metaverse Assembly will introduce tangible outcomes, including reports, strategies, and action plans that outline the way forward for maximizing the impact on human life in both the real and virtual worlds. This will be done through innovative workshops and innovation in building the metaverse and its applications. It will also feature real metaverse experiences in key sectors — including tourism, logistics, retail, education, and health care — and an “unprecedented” experience of hosting official meetings in the digital space, said the statement.

The objective is to increase the readiness of the world for implementing and leveraging the metaverse. It will host three main tracks – Educate, Inspire, and Contribute.

– Educate: It will consist of more than 10 in-depth sessions on the metaverse.

– Inspire: This track will showcase use cases of the metaverse in tourism, logistics, retail, education, and healthcare sectors.

– Contribute: It will include workshops for metaverse foresight and use-case reviews.

In the Middle East, the UAE is leading the metaverse movement. There has also been a recent instance of the public being able to meet and interact with Ajman Police in the metaverse, where avatars of officers answer people’s questions.

Sheikh Hamdan tweeted that Dubai is set to “harness this promising digital world to be the fastest city to adopt its applications and embrace its potential”.

The assembly is a global platform for innovators forging the future of the metaverse. Participants will experience the extraordinarily advanced technology. We harness this promising digital world to be the fastest city to adopt its applications and embrace its potential. pic.twitter.com/SbdHrJ6SCW

— Hamdan bin Mohammed (@HamdanMohammed) July 19, 2022

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