DUBAI’S STRATEGIC VISION TO BE THE GLOBAL METAVERSE HUB

Dubai hosted the DUBAI METAVERSE ASSEMBLY (DMA) at the futuristic modern Museum of the Future and the contemporary Emirates Towers on 28 29 September, with 300 global experts, futurists, thought leaders and 40 institutions and consultants that specialize in metaverse technologies and applications, to make Dubai, the global metaverse and Web 3.0 technologies hub, organized by the Dubai Future Foundation (DFF).

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of The Executive Council of Dubai, and Chairman of the Board of Trustees of the Dubai Future Foundation (DFF), on the first day and said, “I attended the Dubai Metaverse Assembly at the Museum of the Future today. More than 500 global experts are in Dubai to design the future of the metaverse and explore its potential applications. Dubai remains a global hub for testing and developing future technologies. We seek to provide a global platform for generating metaverse solutions for global challenges.”

“The metaverse is a promising digital world. We aim to harness this technology to enhance the quality of life in the UAE and across the globe. We want Dubai to lead globally in adopting the technology of the future, understanding its developments, harnessing its potential, and driving change.”

Dubai aims to be one of the leading global economies in the metaverse and aims to spread its progress and success globally. The city is already setting strong foundations for the metaverse to thrive, by exploring opportunities around infrastructure, education, technology, and more.

More than 20,000 attended the first day of the event using virtual platforms and metaverse technologies, the Media Office announced.

“Dubai is emerging as a major contributor to shaping a new global vision for advanced technology and a pioneer in adopting next-generation digital innovation.”

“We are constantly working to foster the development of technological tools and applications to raise the community’s quality of life. In the coming years, the metaverse will shape a new digital future for humanity, and Dubai will consolidate its status as a testbed for innovation in this emerging technology,”

“Through the Dubai Metaverse Assembly, we aim to provide a global platform for the metaverse community to discuss new opportunities emerging from this new technology and promote knowledge-sharing and partnerships between entrepreneurs and innovators. We also look forward to discussing how the metaverse can generate solutions for some of the world’s most critical challenges, Sheikh Hamdan further added.

Sheikh Hamdan met with top officials, thought leaders, consultants from around the globe and visited activations installed by the event’s partners to showcase real experiences from the metaverse, during the event.

Announced last month by Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, the strategy aims at ensuring that the metaverse increases its contribution to 1 percent of the emirate’s overall GDP. Headed by the Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the strategy is built around five pillars – innovation, government implementation of metaverse technologies and talent development.

The Dubai Metaverse Strategy focuses on four sectors, tourism, education, government services and retail & real estate.

The Dubai Metaverse Assembly exhibited how the revolutionary technology can be deployed across vital sectors to create a better future and quality of life for humankind and how real metaverse experiences in key sectors and an unprecedented experience of hosting official meetings in the digital world.

Dubai Metaverse Strategy, which aims to position Dubai as one of the best cities in the world by investing in promising economic opportunities, adopting and deploying metaverse/Web 3.0 technologies, and developing digital infrastructure that supports global transformations and the digital economy.

His Highness Sheikh Hamdan highlighted that the Dubai Metaverse Assembly embodies the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, for Dubai to become a global hub for innovation and futuristic transformations and a key driver for digital and knowledge-based economies around the world.

Dubai Metaverse’s strategy aims to add 4 billion dollars to Dubai’s GDP in five years., support 40,000 virtual jobs by 2030 and attract 1,000 companies specializing in Blockchain and Metaverse technologies to transform Dubai into one of the world’s 10 largest Metaverse economies.

Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs, and Vice Chairman of the Board of Trustees and Managing Director of Dubai Future Foundation (DFF), affirmed that the global event aims to help governments, technology companies, and international organisations explore the opportunities, capabilities and applications of the metaverse.

“Dubai Metaverse Strategy, launched by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of Dubai Executive Council, and Chairman of the Board of Trustees of the DFF, represents a leading and innovative model for governments in implementing initiatives and strategies that employ technologies and future innovations, developing digital and legislative infrastructure, and supporting innovative ideas based on the Metaverse,” said Al Gergawi.

“Dubai Metaverse Assembly will contribute to the international efforts aimed at harnessing Metaverse applications. It will help to enhance the readiness of governments, companies and society for the major transformations that we will witness in the coming decades, which will impact how we live and work,” he added.

The Dubai Metaverse Strategy is the first initiative of the higher committee formed under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum during the fifth meeting of the Dubai Council in May 2022. The committee, chaired by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, aims to oversee all future technological developments in Dubai’s digital economy and ensure that Dubai’s legislative and legal framework keeps up with the rapid developments of the digital economy and tremendous technological progress.

The assembly witnessed participation from government entities and local organizations, such as the Dubai International Financial Centre, VARA, Majid Al Futtaim, DAMAC and Dubai Digital, among others, with the aim of evaluating national projects and exchanging experiences on the Metaverse.

Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, outlined the goals of the Dubai Metaverse Strategy and critical initiatives to strengthen Dubai’s position in the digital sector during the event.

“Dubai has firmly established its position as a global hub for travel, trade and investment by embracing new industries and innovations to diversify its economy,” he said.

“Over the next 50 years, we will work to turn challenges into opportunities and build a digital, knowledge-driven economy,” Al Olama added.

The Dubai Metaverse Assembly hosted various activities such as panel discussions and specialised workshops for major companies and organisations to generate tangible outcomes. The assembly a platform for thought leaders to share their vision of the future, considering the opportunities and unprecedented solutions offered by the metaverse.

The focus of the Dubai Metaverse Assembly was to take a deep dive into the metaverse, understand its impact on humanity, discuss the potential of humanizing its applications, and identify the best ways to leverage opportunities across strategic sectors of countries, governments, and companies.

Many international organisations and companies participated in the assembly, including the World Economic Forum, META, Binance, MasterCard, The Sandbox, Bedu, PwC, Accenture, BCG Digital Ventures, Dubai Blockchain Center, and DeCentraland, among others. The assembly witnessed participations from government entities and local organisations, such as the Dubai International Financial Centre, VARA, Majid Al Futtaim, DAMAC and Dubai Digital, among others, with the aim of evaluating national projects and exchanging experiences on the Metaverse.

Speakers highlighted the most prominent trends associated with designing and building the virtual worlds of the Metaverse worlds, as well as virtual training and education, e-commerce, virtual medical technology, arts, electronic games, organising events and conferences in the metaverse, and digital assets such as non-fungible tokens (NFTs).

The assembly featured specialized workshops on various future technological sectors, and was held at the Ministry of Possibilities, Coders HQ, Government Accelerators, and Youth Hub at AREA 2071. The workshops was organized by several global organizations such as the World Economic Forum Accenture, Emirates Airline, META, The Economist, Crypto Oasis, Asiarath, Outlier Ventures, EVERDOME, VERSE, MasterCard, MetaCon, and SiaPartners.

The workshops discussed topics such as accelerating value creation in the metaverse, aviation in metaverse, road to the metaverse and innovating governance, decoding metaverse, taking the leap from web 2 into the metaverse, brands in the metaverse, metaverse as a game changer, how shopping, banking, and gaming are spearheading the metaverse, immersive learning experiences in the metaverse, and venture capital for the metaverse, among other topics.

The Dubai Metaverse Assembly hosted activations showing real experiences of the metaverse and latest digital technologies by global specialised organisations such as Microsoft, Meta, MasterCard, Accenture, Bedu, Binance, and Metamall, and others. The activations hosted topics such as augmented reality training, future of medicine, building the social gaming metaverse, space tourism, NFTs, and virtual retail and real estates.

Jeremy Jurgens, Managing Director and Head of World Economic Forum’s Centre for the Fourth Industrial Revolution, said: “Dubai has continuously been at the forefront of implementing new technologies and is globally recognized as a leading city of the future.  As such, it provides an ideal location to bring leading experts and futurists together to explore the opportunities and challenges presented by the metaverse.”

Fares Akkad, Regional Director for MENA, Meta, said: “Representing the next chapter of the Internet, the metaverse will unlock real opportunities enabling deeper social experiences that allow people to work, learn and socialize in ways that are less limited by their physical location. The ability to build a sustainable and impactful metaverse is contingent upon the willingness and ability to partner across nations, industry, and sectors. Understanding local nuances and needs is crucial, and we remain excited at the prospects for the development of the metaverse through partnerships with entities such as the Dubai Future Foundation and the Dubai Metaverse Assembly.”

J.K. Khalil, Cluster General Manager, MENA East, Mastercard added: “As a strategic partner to the inaugural Dubai Metaverse Assembly, we are delighted to join forces with the Dubai Future Foundation as the emirate ushers in a new era of innovation. Dubai’s commitment to driving digital and technological transformation is a testament to the vision its leaders have in futureproofing the economy for generations to come. The new developments being made in the metaverse represent an exciting arena full of opportunities to harness the vast potential of the virtual world. Mastercard will continue to drive the acceleration of these technologies as we support the assembly’s ambition to position Dubai as one of the best cities in the world.”

Adel Al Redha, Emirates’ Chief Operating Officer, commented: “We are ready to enter the next generation of the Internet, which is witnessing rapid developments in information technology and Web 3.0 technologies. We are pleased to participate in the first meeting on the metaverse in Dubai, which will provide new possibilities for companies, customers and the community to benefit from advanced virtual applications that will contribute to facilitating and improving the delivery of services and products. We are also proud that these initiatives are launched in the UAE and that Dubai is an incubator for future innovations.”

Bashar Kilani, Managing Director at Accenture Middle East, said: “The metaverse will revolutionize nearly all aspects of life and business in the next decade, allowing collaboration in virtual spaces, augmenting physical places, and blending both. It will create new lines of business and transform interactions between customers and businesses. While we see mass adoption in the gaming community, enterprises are experiencing it differently. For businesses, the metaverse is becoming a place to create and capture value.”

Additionally, Amin Al Zarouni, CEO, Bedu, has said: “Web 3.0 is all about community, interconnectedness, and decentralization. As such events like the Dubai Metaverse Assembly, organized by the Dubai Future Foundation, that bring together the ecosystem and promulgate collaboration and cross-development are key to the success of this nascent industry. At Bedu, we believe that our partnership with DFF is a natural fit and that together we can push boundaries and help transform the vision of our leaders into reality.” Hamad Al Shirawi, Director, Dubai Metaverse Assembly commented: “This global assembly will facilitate synergies amongst the most pioneering and innovative private and government entities, building exciting use cases in web 3.0 and the metaverse. This assembly will also bring together policy makers, academia, startups and corporates to explore these technologies and their impact.”