The Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum announced earlier this month that Dubai’s metaverse sector will contribute $4 billion to the emirate’s economy by 2030.
Dubai Crown Prince Sheikh Hamdan bin Mohammed and Sheikh Maktoum bin Mohammed, the Deputy Ruler of Dubai have now directed the formation of a task force to track the latest developments in the digital economy, including technology and metaverse trends. As quoted by Arabian Marketer, Sheikh Hamdan said,
The directives of Sheikh Mohammed bin Rashid to form a higher committee to supervise Dubai’s future technological developments reflect the importance of facing the future with an open mind. The move will help us fully understand reality and explore unique ideas that will shape a brighter future for Dubai and the UAE, maximising future business opportunities.
.@HamdanMohammed, @MaktoumMohammed review vital technology trends in the metaverse and issued directives to form a task force to track the latest developments in the digital economy. #Dubai https://t.co/oY819Rs5MU pic.twitter.com/lVtk79uYLT
— Dubai Media Office (@DXBMediaOffice) May 19, 2022
But what exactly is Metaverse? Metaverse users interact with other users in computer-generated environments such as shops, learning environments, and meeting rooms, among other things, in three-dimensional, hyper-realistic virtual rooms. It combines elements of social media, augmented reality, virtual reality, video games, and other advanced technologies.
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The Dubai Metaverse Strategy
Dubai is capable of attracting and retaining the largest technology companies in the world. Hence, Dubai Metaverse Strategy’s higher committee plans to utilize metaverse technology. This will enhance resident surgeons’ performance by 230%.and raise the output of engineers by 30%. It also aims to raise the metaverse’s contribution to one per cent of the emirate’s GDP.
During the meeting with Sheikh Hamdan and Sheikh Maktoum, Omar bin Sultan Al Olama, who is the UAE Minister of State for Artificial Intelligence, Digital Economy, and Teleworking Applications and chairman of the Dubai Chamber of Digital Economy, outlined how Dubai stands to benefit from the metaverse in a way that enables it to generate business opportunities beyond its physical borders.
Further, it is implementing activities and projects that will increase its web presence. The higher committee is actively examining opportunities and challenges. It is trying to qualify human capital so that it can excel in the virtual environment.
Moreover, it’s constantly working to establish a legal framework that addresses the needs of all sectors in the future. Forecasts indicate that business revenues from the metaverse will increase from $180 billion to $400 billion by 2025.
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Dubai’s metaverse regulatory authorities
Dubai’s Virtual Assets Regulatory Authority (VARA) established its Metaverse HQ earlier this month, making it the first regulator with a presence in the emerging digital space.
Dubai plans to create a prototype of a decentralized regulator model by expanding VARA’s resources beyond borders. Moreover, it intends to make it readily accessible to government and industry leaders, other authorities, and virtual asset providers to shape the future of the digital economy.
VARA’s MetaHQ will utilize The Sandbox platform, an Ethereum blockchain-based application that allows users to create, sell and purchase digital assets.
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