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Dubai Metaverse Strategy: All you need to know about the booster for digital economy

According to Facebook, the metaverse represents the next step in the growth of social connections

In order to boost the digital economy and introduce measures to empower the use of the metaverse and future technology, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai launched Dubai Metaverse Strategy in July 2022. According to the Dubai Government Media Office, this new strategy was approved at the first meeting of the Higher Committee of Future Technology Development and Digital Economy.

What is the aim of the Dubai Metaverse Strategy?

The Dubai Metaverse Plan intends to make the Emirate one of the top ten metaverse economies in the world as well as a global centre for the metaverse community. The main objective is to emphasize Dubai’s achievement of drawing more than 1,000 blockchain and metaverse companies.

The new strategy is presented to encourage the growth of Web3 technology and its applications for new governmental work patterns and growth in important industries like tourism, education, retail, remote work, healthcare, etc. The approach also aims to create global standards for creating safe and secure platforms for users, as well as metaverse infrastructure and regulations to hasten the adoption of these technologies.

Creation of over 40,000 virtual jobs

The strategy helps Dubai achieve its goal of creating over 40,000 virtual jobs by 2030. This strategy is expected to help the UAE government to achieve its objective of doubling the number of blockchain businesses and help Dubai’s economy grow even further.

During the launch in July, Sheikh Hamdan stated, “Dubai Metaverse Strategy aims to foster innovation in new technology. Dubai is home to over 1,000 companies operating in the metaverse and blockchain sector, which contributes $500m to our national economy.”

What are the pillars of the strategy?

The main pillars of the strategy include extended reality (VR), augmented reality (AR), virtual reality (VR), mixed reality, and digital twins (a virtual version of an object or system). By utilising real-time data, machine learning, IoT, AI simulation, and blockchain, it focuses on enhancing human thought processes.

Data, network, cloud, and edge computing are the four technological pillars of the metaverse strategy, and they are all focused on real-world data collecting, validation, storage, processing, and management. Different support points incorporate advancing the full arrangement of 5G organizations to empower edge processing and give on-request PC framework assets. Instead of sending data to the cloud, it can be gathered, processed, and stored locally via smart devices and local networks.

Is it the next stage of social connection evolution?

Metaverse is an open platform and nobody owns it. According to Facebook, the metaverse represents the next step in the growth of social connections. Several people and corporations will operate their own spaces in the virtual world. A metaverse is a mixed reality that combines virtual and augmented reality. In the Metaverse, digital elements will be incorporated into the physical world, and it will support virtual 3-D environments.

Currently, the metaverse idea has been successfully applied across many gaming platforms. For instance, Epic Games’ Fortnite video game recently conducted a concert of singer Ariana Grande.

A cryptocurrency is another component of a virtual universe that has been successfully realized. It will be incorporated into the new metaverse world as a payment method in exchange for all services.

UAE Ministry of Economy to set office in the metaverse

The UAE Ministry of Economy has opened its third new office in the metaverse. According to Emirati Minister Abdulla bin Touq Al Marri, a new office in the virtual world is being put up and would provide the full experience the physical office provides.

“We have one physical office in Dubai, one in Abu Dhabi and we are setting up the third in the metaverse,” he said during a panel discussion at the Dubai Metaverse Assembly.

The Emirati Minister stated that the new metaverse office has an auditorium and can host meetings, contract signings, and more.

Abdulla bin Touq Al Marri stated that the new metaverse office has an immersive environment where people can walk around, get their tokes, interact with others, and avail services just as they could in physical locations.

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