Emirates News Agency – Hamdan bin Mohammed launches Dubai Metaverse Strategy

DUBAI, July 18, 2022 (WAM) – As directed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince and Chairman of the Board, launched in today the Metaverse strategy, which aims to make Dubai one of the 10 best economies in the world as well as a global hub for the metaverse community.

His Highness Sheikh Hamdan bin Mohammed stressed the importance of cementing the emirate’s status as a center offering the most advanced metaverse ecosystem and a pioneer in the adoption of digital solutions globally, reflecting the ambitious vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum will transform the emirate into a world capital of advanced technologies, mainly artificial intelligence (AI) and Web3.

The strategy aims to build on Dubai’s success, which has attracted more than 1,000 blockchain and metaverse companies. It also promotes Dubai’s ambitions to support more than 40,000 virtual jobs by 2030. This will further boost its economy and support the UAE Government’s vision of five times the current number of blockchain companies.

Sheikh Hamdan said Dubai is making great strides in strengthening its position as a global test bed for metavers technology, while investing wisely in building capacity and talent to create the most robust and important ecosystem in the region for this community. His Highness added that the adoption of new technologies will be a springboard in Dubai’s vision to use future technologies to create new working models in vital sectors and increase the impact of metaverse on regional and global economies. .

At the launch of Dubai’s Metaverse Strategy, the Prime Minister of Artificial Intelligence, Digital Economy and Telework Applications and Deputy CEO of the Dubai Future Foundation, Omar bin Sultan Al Olama, reaffirmed the importance of designing the future using new digital strategies for adopting the metaverse in vital sectors. He added that this new technology will drive the efforts of the United Arab Emirates and Dubai to deliver innovative solutions, positively impact people’s lives and transform the city into one of the world’s smartest hubs, providing new economic opportunities.

Al Olama said this strategy is in line with the objectives of the UAE’s artificial intelligence strategy, which aims to strengthen the country’s status as one of the world leaders in futuristic sectors by investing in new initiatives and empowering talent to lead. digital transformation and adoption of future technologies.

It aims to encourage innovation, increase the metaverse’s financial contribution through R & D collaborations and promote advanced ecosystems through accelerators and incubators that attract companies and projects to Dubai.

The Dubai Metaverse Strategy supports the development of Web3 technology and its applications to create new models for government work and the development of vital sectors, including tourism, education, retail, teleworking, healthcare and the legal sector. It also aims to develop global standards to create safe and secure platforms.

The main pillars of the strategy focus on augmented reality (which mixes the physical and virtual worlds), augmented reality (AR), virtual reality (VR), mixed reality and digital twins (a virtual representation of an object or system). It aims to leverage real-time data, use machine learning and IoT, and use AI simulation and blockchain to improve human thought processes.

Data, networking, cloud and edge computing are technological pillars of metaverse strategy that focus on real-world data obtained, validated, stored, processed and managed. Other pillars include promoting the full rollout of 5G networks to enable edge computing and deliver on-demand computing system resources. Edge computing makes it possible to collect, store and process data locally through smart devices and local area networks instead of in the cloud.

VR and AR are two key enablers of the meta-verse, responsible for 6,700 jobs and contributing $ 500 million to the UAE economy, which is expected to grow significantly in the future. Globally, the value of its venture capital and private equity financing reached US $ 13 billion in 2021, while property sales peaked at US $ 500 million last year.

Second Life – a virtual world where participants can explore stunning landscapes and build their own – contributed more than $ 650 million to global GDP by 2021. Metaverset has also achieved 200 strategic partnerships with Sandbox, a virtual world of decentralized games , which includes the launch of Warner Music Group as a meta-verse virtual world with a music theme.

Analysts estimate that the meta-verse will contribute up to US $ 5 trillion to the global economy by 2030. The market value of NFTs is expected to reach $ 80 billion, while consumer spending on video game purchases is expected to reach $ 75 billion by 2025. Recent Studies show that the number of daily active users of Roblox, one of the world’s leading metaverse communities, has grown to 55 million. At the same time, 59% of global consumers are eager to move at least one of their daily activities to the metaverse.

His Highness Sheikh Mohammed bin Rashid Al Maktoum has instructed government teams to begin drafting the Dubai Metaverse strategy 60 days before its launch. This strategy encourages the use of a connected network of virtual spaces to improve community well-being and strengthen initiatives that make this city a model for metaverse technologies with a robust digital infrastructure.

Translated by: Gihane Fawzi.


Leave a Comment