Tag: METAVERSE

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Economy Tech Lite Technology

Metaverse Debut: Housing Bank Goes Virtual

With the launch, the bank is taking a significant step in its technical endeavors to incorporate technology in the banking industry…reports Asian Lite News

Housing Bank has announced the launch of its virtual bank in the Metaverse, making it the first bank in the Kingdom to enter this virtual world.

It is also one of the pioneering banks in the region to adopt this cutting-edge technology. It will be available on two popular Metaverse platforms, namely the Decentraland platform and the Spatial platform.

By establishing its presence on the Metaverse, Housing Bank demonstrates its commitment to staying at the forefront of adopting advanced technologies, as this investment in digital transformation is a key component of its strategy.

With this launch, the bank is taking a significant step in its technical endeavors to incorporate technology in the banking industry and improve its customer relationship management.

Through this pioneering initiative, the bank aims to reach a new generation of customers and provide them with a unique opportunity to enter the world of the Metaverse.

This allows them to discover the first virtual bank in Jordan, marking a significant step towards the future, offering customers an opportunity to experience innovative technology that enables seamless communication and interaction that caters to their aspirations and interests, which is provided with ease and comfort from anywhere and at any time.

Additionally, Housing Bank is collaborating with Innoarea, which specializes in developing virtual reality and augmented reality experiences, to get launched in the Metaverse.

The company is part of the BMB Group, which is one of the most prominent information and communications technology services and consulting companies in the Middle East.

Housing Bank, which is celebrating its fiftieth anniversary this year, continues to be a role model in the banking industry, achieving yet another significant milestone as it continues to lead the way in digital transformation by making significant progress in the field of technological development and digital services, in addition to launching numerous sophisticated and advanced services that keep up with the rapid changes brought about by the digital age.

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Tech Lite

Metaverse may help tackle global warming

Metaverse may help tackle global warming: Study

They also factored in the amount of energy that increasing usage would consume. The modelling suggested that within 30 years, the technology would be adopted by more than 90 per cent of the population…reports Asian Lite News

Metaverse — the virtual 3D environment in which the physical and digital worlds converge — can help lower the global surface temperature by up to 0.02 degrees Celsius before the end of the century, suggests a study.

The study, published in the journal Energy & Environmental Science, showed that by 2050 the metaverse industry could potentially lower greenhouse gas emissions by 10 gigatons; lower atmospheric carbon dioxide concentration by 4.0 parts per million; decrease effective radiative forcing by 0.035 watts per square metre; and lower total domestic energy consumption by 92 EJ, a reduction that surpasses the annual nationwide energy consumption of all end-use sectors in previous years.

These findings could help policymakers understand how metaverse industry growth can accelerate progress towards achieving net-zero emissions targets and spur more flexible decarbonisation strategies.

Metaverse-based remote working, distance learning and virtual tourism could be promoted to improve air quality.

In addition to alleviating air pollutant emissions, the reduction of transportation and commercial energy usage could help transform the way energy is distributed, with more energy supply going towards the residential sector.

“We try to understand, from the energy and climate perspectives, how this particular technology will be helpful,” said Fengqi You, professor in Energy Systems Engineering at Cornell University.

“We’re basically trying to predict the future, so we have to use a very rigorous systems analytics approach to understand all the statistical significance, all the possible pathways, and decipher all the data and information that is out there to find out the impacts in energy, in climate, in environment and also in economics and technology,” You added.

The team used Artificial Intelligence-based modelling to analyse data from key sectors — technology, energy, environment and business — to anticipate the growth of metaverse usage and the impact of its most promising applications: remote work, virtual travelling, distance learning, gaming and non-fungible tokens.

The researchers projected metaverse expansion through 2050 along three different trajectories — slow, nominal and fast — and they looked to previous technologies, such as television, the Internet and the iPhone, for insight into how quickly that adoption might occur.

They also factored in the amount of energy that increasing usage would consume. The modelling suggested that within 30 years, the technology would be adopted by more than 90 per cent of the population.

However, You noted, the metaverse can only do so much.

“This mechanism is going to help, but in the end, it is going to help lower the global surface temperature by up to 0.02 degrees,” he said.

“There are so many sectors in this economy. You cannot count on the metaverse to do everything. But it could do a little bit if we leverage it in a reasonable way.”

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Business World News

S Korean, Chinese firms dominate metaverse patents

Samsung, Huawei, LG

The global metaverse market is expected to reach $996 billion in 2030, registering a compound annual growth rate (CAGR) of 39.8 per cent…reports Asian Lite News

South Korean and Chinese companies are securing metaverse hardware patents, with LG and Huawei rising in the ranks with the most Metaverse patents as the electronics industry looks beyond smartphones, the media reported.

The global metaverse market is expected to reach $996 billion in 2030, registering a compound annual growth rate (CAGR) of 39.8 per cent.

The size reached a value of $22.79 billion in 2021, according to GlobalData, a leading data and analytics company.

Since 2016, LG Electronics has filed the most metaverse patent applications, moving up from 11th place from 2010 to 2015, reports Nikkei Asia.

Samsung Electronics held its position in second.

Display colour schemes and semiconductors are among the strengths of South Korean companies, which have quickly established a presence in core components rather than headsets and other finished products.

Huawei placed fourth in the ranking with numerous patents related to image and display processing.

Moreover, Meta ranked third, Microsoft fifth, Apple and Intel were among the six American companies to make the top 10, with Sony as the sole Japanese company at sixth, according to the report.

The top 20 companies submitted a total of 7,760 patents, with the US accounting for 57 per cent, South Korea at 19 per cent, and China at 12 per cent.

However, Japanese firms accounted for 8 per cent, said the report.

Meanwhile, Meta (formerly Facebook) has posted another quarterly revenue decline as investors begin to lose faith in its loss-making, billion-dollars metaverse dream.

In the third quarter (Q3), Meta’s revenue declined 4 per cent year over year to hit $27.7 billion. The company posted a net income of $4.395 billion, down from $9.194 billion year over year.

This decline is owing to Meta’s huge losses in Reality Labs, Meta’s virtual reality division, which lost $3.672 billion in Q3.

“There’s still a long road ahead to build the next computing platform. But we’re clearly doing leading work here. This is a massive undertaking and it’s often going to take a few versions of each product before they become mainstream,” Meta CEO Mark Zuckerberg said during an earnings call late on Wednesday.

Meta CFO David Wehner, however, said that some of the revenue decline is due to inflation.

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Fashion Lite Blogs

India’s first metaverse-exclusive fashion show set to take place in Decentra land

Harmanpreet Kaur on cricket and fashion

The Fashion Tour Park features multiple interactive areas, gamified zones and showcase areas, with several engaging activities in store for users to interact with throughout the duration of the tour…reports Asian Lite News

This year, the 16th iteration of the Blenders Pride Glassware Fashion Tour, supported by the Fashion Design Council of India, presented a version that is more youthful, inclusive, and innovative.

The Fashion Tour enters the Metaverse in its innovative new avatar, making an industry-first move to create a groundbreaking fusion of fashion and technology that youthful audiences will never have seen before.

As a first mover in the Metaverse in India, the Fashion Tour has launched ‘Blenders Pride Glassware Fashion Tour Park’ in Decentra land, a global web3 platform, where only renowned global brands have created an immersive metaverse experience for their fans. The Fashion Tour Park features multiple interactive areas, gamified zones and showcase areas, with several engaging activities in store for users to interact with throughout the duration of the tour.

But the most exciting attraction is India’s first metaverse-exclusive fashion show, set to take place at the Fashion Tour Park on December 10, 2022. This metaverse fashion show will feature outfits from the ‘Style Gallery’ exhibit of the Fashion Tour called ‘This is not a T-shirt’ project. These unique T-shirt outfits are designed by 60 designers & homegrown fashion labels, who have embellished or even deconstructed the basic T-shirt into a design celebrating their authentic interpretation of the four themes of the Fashion Tour.

This season Indian Cricketer Harmanpreet Kaur associated with Blenders Pride Glassware Fashion Tour, here’s what she had to say:

How do you feel about this collaboration with Blenders Pride Glassware Fashion Tour?

Harmanpreet: It’s a moment of pride for me, because, you know, I come from a Cricket background, it’s the first time that I’m going to be part of any fashion show. It’s a great moment for me, and it was the right time because this time, they are going to add some boost to the traditional outfit. And I think for me, it was the right time to come on the board and I thought, it would be great.

Do you feel like international fashion brands and sports go hand-in-hand but in India that is still to happen, at least for female athletes?

Harmanpreet: Yes. Because, we have always seen this point of view, we wear traditional clothes, otherwise sports have sporty look, at the fashion tour it was a different zone for me. I’m very, very excited to wear the SNCC collection.

Do you wish that brands supported female athletes more and brought them into the mainstream as they do with men?

Harmanpreet: Now with women’s cricket becoming more popular, female cricketers are getting more attention. The more we win, the more we get recognized. That’s when brands usually approach and support us, which is very encouraging.

Define your fashion style and your association with Blenders Pride?

Harmanpreet: I like to be more in my comfort zone which I can carry easily. The SNCC outfit that I am wearing right now is also very comfortable and has elements from my sport – cricket, which makes me love this outfit even more.

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Dubai

‘VISION’ to open Dubai’s first-ever Metaverse Nightclub

Vision metaverse nightclub Main Hall_2

The ambiance at VISION exudes opulence set in a futuristic space, featuring laser beams and LED lights that radiate through the entire venue…reports Asian Lite News

One of China’s biggest entertainment companies, WanTing Group, announces its plans to open its first venue in the GCC, with VISION, this November. To be located at The H Hotel Dubai, VISION promises a nightlife experience that blurs the lines of reality, taking inspiration from the Earth’s elements and aims to pioneer virtual hospitality. Additionally, VISION is set to be the only nightclub in the world to achieve cross-border collaboration with the famed Jacob&Co brand with the launch of the VISION x Jacob&Co wristwatch.

A booming industry and a fast-approaching new way of life, the Metaverse is an open space for boundless opportunities for innovation. VISION is set to become Dubai’s first club built around the Metaverse. Club-goers and crypto-owners will be able to turn coins into cocktails and enjoy a plethora of exclusive benefits at the venue, with NFTs also available for purchase and for use.

Further elevating the guest experience, VISION will launch in partnership with Jacob&Co, the renowned luxury jewelry and wristwatch brand, to create exclusive VISION x Jacob&Co timepieces, that will be available to those who purchase the venue’s unique NFTs. An exclusive branded VIP table will also be established at VISION along with other Jacob&Co elements.

The ambiance at VISION exudes opulence set in a futuristic space, featuring laser beams and LED lights that radiate through the entire venue. Guests can look forward to visionary décor and entrancing techno beats blended with Hip-Hop and Pop favourites that are sure to transform any night into an other-worldly experience. Situated at the luxurious H Hotel Dubai, VISION will be an extraordinary destination with a vibrant dancefloor as well as options for intimate, private booths and rooms for VIP clientele.              

Chris Wang, Chief Executive Officer of VISION and Hang Zhou WanTing Catering & Entertainment Management Co., comments, “We are extremely excited to be launching our first venue in the region in Dubai. There is so much potential in the Middle East in terms of nightlife entertainment, and we look forward to presenting a celestial nightlife experience for guests and clients with VISION. At the venue, we plan to provide club-goers space to connect through light and sound, turning their evenings into a stellar visual and audio haven.”    

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-Top News World News

Global metaverse market likely to reach $996 bn in 2030

IBF Net to expand its miniature Islamic economy into a metaverse

Various players in the technology sector, including those manufacturing semiconductors, components, and application software, are also leveraging metaverse…reports Asian Lite News

The global metaverse market is expected to reach $996 billion in 2030, registering a compound annual growth rate (CAGR) of 39.8 per cent.

The metaverse market size reached a value of $22.79 billion in 2021, according to GlobalData, a leading data and analytics company.

Companies across the globe, including those in non-tech sectors, are now increasingly investing in the technology for better engagement with customers, brand awareness expansion, and identification of new revenue streams.

“As of 2021, the media and entertainment market captured a sizable revenue share of the metaverse market. The entertainment experience we have seen through the metaverse has been through music and concerts,” said Deepak Agarwal, Project Manager at GlobalData.

“In the non-blockchain world, Travis Scott in Fortnite had put on an enormous concert which showed $20 billion, including merchandise, versus the 1.7 billion from the regular show,” Agrawal added.

Various players in the technology sector, including those manufacturing semiconductors, components, and application software, are also leveraging metaverse.

Asia-Pacific and North America together held 50 per cent metaverse market share in 2021.

“The strong presence of big technology giants in the advanced economies of North America and the emerging economies in the Asia-Pacific region are fuelling the metaverse market growth,” said the report.

Companies in these regions are focusing on Blockchain, machine learning, AR and VR, adtech, payment platforms, enterprise applications, gaming, data governance and others.

“The metaverse is still largely conceptual but could transform how people work, shop, communicate, and consume content. Although it is in the early stages of development, it has the potential to be the next mega-theme in digital media,” said Agarwal.

Furthermore, the large-scale adoption of next-gen technologies. including AR and VR will accentuate the adoption of metaverse by most of the stakeholders involved, the report mentioned.

People still unaware

Meanwhile, Apple CEO Tim Cook has said that while many tech companies are bullish on metaverse, he is not sure if the average person can tell you what the metaverse actually is.

In a conversation with Dutch news outlet Bright, Cook who is on a Europe tour said virtual reality has specific uses but the technology shouldn’t make up a person’s entire life.

“I always think it’s important that people understand what something is. And I’m really not sure the average person can tell you what the metaverse is,” Cook was quoted as saying.

“It’s something you can really immerse yourself in. And that can be used in a good way. But I don’t think you want to live your whole life that way,” he emphasised.

Apple is yet to be caught up with metaverse, a technology that is being popularised by the likes of Meta (formerly Facebook) and the rest.

The tech giant is reportedly working on a mixed reality (MR) headset which it can launch soon.

On augmented reality (AR), Cook said it is a profound technology that will affect everything.

“Imagine suddenly being able to teach with AR and demonstrate things that way. Or medically, and so on. Like I said, we are really going to look back and think about how we once lived without AR,” Cook noted.

“VR is for set periods, but not a way to communicate well. So I’m not against it, but that’s how I look at it,” Cook added.

Cook also spoke about the importance of programming.

“I see programming as the only universal language. It’s the most important language you can learn,” Cook said.

“Of course your native language is more important for communication, but a programming language is a way to tap into your creativity. It really puts your critical thinking skills to work, and you can use that in many aspects of your life,” he added.

Apple is helping developers integrate AR into their apps with technologies such as ARKit.

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-Top News UAE News

DEWAVerse platform launched on Metaverse

DEWA invests in Metaverse technology to implement and develop its current and future projects…reports Asian Lite News

Dubai Electricity and Water Authority (DEWA) has launched its ‘DEWAVerse’ platform on the Metaverse and became the 1st local government organisation to launch its platform on the Metaverse to provide its services to customers, employees, and members of the society.

DEWA invests in Metaverse technology to implement and develop its current and future projects, which contributes towards stakeholder happiness, the development of business, enhancing efficiency and production, and reducing costs.

This was announced during DEWA’s Digital Transformation Steering Committee Meeting, where McKinsey also attended and presented the Digital Quotient Assessment 2022 report, highlighting that DEWA has maintained its position as a global digital leader in utilities.

Saeed Mohammed Al Tayer, MD & CEO of DEWA, said, “At DEWA, we strive to enhance our use of the Fourth Industrial Revolution technologies, including the Metaverse, which is a key pillar and a new method of work in all vital sectors, to harness this technology to find new opportunities and provide innovative solutions that accelerate growth to enhance Dubai’s position regionally and globally.”

During the meeting, seven projects using Metaverse technology were reviewed. These include the Customer Service Centre, the 1st of its kind locally, which enables customers to communicate with the Customer Care Center agents to answer their inquiries and complete transactions in the virtual world. DEWA Workplace enables users to move around the DEWA buildings and hold meetings in the virtual world. DEWA Future Lab enables users to hold brainstorming sessions, discuss challenges and develop the best solutions using innovation tools in the virtual world. The First Aid and Fire Safety introduces first aid and fire safety procedures virtually. MetaDrone gathers information on solar panels, fix them, and generate reports using VR. DEWA Onboarding allows new employees to learn about DEWA vision and mission virtually.

DEWA was one of the first government entities in Dubai to complete the smart transformation of all its services by 100 percent in 2014. DEWA’s key milestones in its journey include adopting Google Glasses in 2014, which constituted a new shift in the quality of services provided. The app was specifically designed to suit the needs of DEWA to monitor any malfunctions at its stations.

In 2016, DEWA adopted the HoloLens Technology from Microsoft, to enhance its operations and improve productivity. DEWA was the first government organisation to adopt this technology in electricity and water services. DEWA also started using the Smart Helmet & Smart Glasses (DAQRI) in 2017, which works with virtual reality technology to support engineers in power plants.

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-Top News UAE News

Dubai Metaverse Assembly takes delegates to Mars

Taking place in the Dubai Future Accelerators, EVERDOME presented a workshop on ‘Creating Worlds and Experiences for a Hyper-Realistic Metaverse’…reports Asian Lite News

The Dubai Metaverse Assembly hosted a series of side sessions on Thursday taking delegates on a virtual space odyssey to the horizons of the metaverse.

Senior executives from major corporations as well as leaders and experts in metaverse technologies also discussed topics such as the relationship between the metaverse and gaming, retail, banking, and venture capital.

Seven side sessions took place on the sidelines of the second day of the Dubai Metaverse Assembly, which convened more than 600 delegates at the Museum of the Future and AREA 2071, Emirates Towers, to lead discussions on the metaverse.

Taking place in the Dubai Future Accelerators, EVERDOME presented a workshop on ‘Creating Worlds and Experiences for a Hyper-Realistic Metaverse’, which included an interplanetary journey to Mars. Participants were taken on an immersive space journey to a detailed metaverse city on the Red Planet. They explored the potential of a pioneering metaverse adventure with both social and business elements and learned about the BIG metaverse adoption hypotheses as well as the creative process of worldbuilding.

MasterCard hosted a workshop titled ‘How Shopping, Banking, and Gaming are Spearheading the Metaverse’, while another workshop by Verse Estate at Coders HQ titled ‘The Metaverse: Not Just a Game but a Game Changer,’ examined how the metaverse is increasingly impacting sectors and spheres outside of gaming.

Meanwhile, a session titled ‘Venture Capital for the Metaverse’, led by the UAE’s Crypto Oasis at Coders HQ, explored investment opportunities in virtual worlds. Crypto Oasis hosted another side session at Coders HQ titled ‘Web2: Silicon Valley, Web 3: Crypto Oasis’.

MetaDecrypt led a workshop at Government Accelerators called ‘A Day of Immersive Learning Experience in the Metaverse’, which exposed participants to the potential of the metaverse to transform training and education. Another workshop titled ‘Metaverse and Web3 Discussions’ was also organised by MetaCon.

The inaugural Dubai Metaverse Assembly took place on 28th and 29th September 2022 and witnessed more than 25 main and side sessions led by tech experts and specialists in the metaverse and AI systems worked together on tangible outcomes contributing to the future of the metaverse. The Assembly is aligned with the objectives of the Dubai Metaverse Strategy to transform Dubai into one of the world’s top 10 metaverse economies.

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-Top News UAE News

Metaverse Assembly to cement Dubai’s global status

IBF Net to expand its miniature Islamic economy into a metaverse

The Dubai Metaverse Assembly is the first event of its kind since H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum approved the Dubai Metaverse Strategy in July…reports Asian Lite News

Expected to bring together 300 delegates and more than 40 global organisations, the Dubai Metaverse Assembly, organised by the Dubai Future Foundation (DFF), will cement the city’s global status as a forerunner in the adoption of emerging technologies, leading UAE companies said on Monday.

Majid Al Futtaim, Dubai International Financial Centre (DIFC), Digital Dubai, the Virtual Assets Regulatory Authority (VARA) and DAMAC are among a cohort of businesses claiming the flagship event, which will feature more than 30 key leaders, experts, and decision-makers across more than 25 sessions and workshops, will be a quantum leap for the country’s private sector.

The event cements Dubai’s position as a major player in metaverse and web 3.0 technologies, providing a platform to explore how immersive digital worlds will reshape the future of business, society and human interaction.

Helal Saeed Almarri, Chairman of VARA, said, “Dubai Metaverse Assembly, organised by Dubai Future Foundation, under the leadership of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, is a flagship launch that signals Dubai’s readiness to move forward with its Metaverse strategy – and industry engagement is at the core of its success. Aligned with the Emirate’s commitment to leading digital transformation as a prerequisite to the future economy, VARA as the world’s first specialised regulator for the Virtual Assets sector is proud to be part of this initiative. We look forward to facilitating progressive dialogues with global thought leaders, regulators, think tanks, governance custodians and most crucially, industry drivers – even as we collectively build towards responsible tomorrow.”

Khalfan Belhoul, CEO of DFF, said, “Demand for places at the inaugural Dubai Metaverse Assembly has been extortionary, reflecting the region’s desire to be at the forefront of the next evolutionary phase of the internet. We will continue to shape the future and embrace the extraordinary potential of new barrier-breaking technologies here. Over two days government and industry will come together to build global synergies, foster new partnerships, share knowledge and explore how we can accelerate the growth of Dubai’s digital economy.”

Christian Kunz, Senior Vice President, Strategy, DIFC, said, “Dubai is making progress on its goal to be one of the world’s top metaverse economies and DIFC is delighted to be partnering with the Dubai Future Foundation to advance this important agenda through the Dubai Metaverse Assembly. DIFC has been a pioneer for innovation and, shaping the Future of Finance and continues to invest in developing capabilities which will allow us to help Dubai achieve its metaverse ambitions.”

Joe Abi Akl, Chief Corporate Development Officer at Majid Al Futtaim Holding, said, “Dubai’s dedication to advancing technology and digital change is evidence of its leadership’s long-term thinking in terms of exponentially growing and future-proofing the economy. The ongoing metaverse innovation is a dynamic environment brimming with possibilities for unlocking the tremendous potential of the virtual world. The new developments being made represent an exciting range of opportunities to harness. As we support the Dubai Metaverse Assembly’s goal of elevating Dubai as one of the world’s top 10 metaverse economies in the world, Majid Al Futtaim will continue to spearhead the advancement of these technologies.”

Dr. Marwan Al Zarouni, Strategic Advisor at Digital Dubai, added, “Dubai is always a forerunner in the adoption of emerging technologies, and our government is always striving for leadership in the field of digital economy, the metaverse and web 3.0. The Dubai Metaverse Assembly will bring our government and strategic partners closer to technology providers from the industry and academic thought-leaders to pave the way and develop strategies and standards necessary to empower the rapid development of the metaverse.”

Ali Sajwani, General Manager of Operations, DAMAC Properties and Chief Executive Officer, D-Labs, said, “Digital assets are becoming an increasingly important part of DAMAC Properties’ operations. Through initiatives such as D-Labs, our team is pioneering the development of fully-fledged online communities, which offer cutting-edge digital real estate and retail experiences. This enables asset owners to interact with their neighbors in interactive virtual environments. Those who invest in our real estate also gain access to DAMAC’s digital assets, as well as Cavalli digital wearables and special de GRISOGONO collections. The Metaverse will play a significant role in taking our business into the future while continuing to branch out into uncharted digital realms. I look forward to discussing related opportunities during this month’s Dubai Metaverse Assembly.”

The Dubai Metaverse Assembly is the first event of its kind since H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum approved the Dubai Metaverse Strategy in July. The strategy aims to add $4 billion to Dubai’s GDP, support 40,000 virtual jobs by 2030 and attract 1,000 companies specialising in blockchain and metaverse technologies to turn Dubai into one of the world’s top 10 metaverse economies.

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-Top News Dubai

Dubai Metaverse Strategy to add 40k virtual jobs

Dubai Metaverse Strategy aims to turn Dubai into one the world’s top 10 metaverse economies…reports Asian Lite News

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, launched the Dubai Metaverse Strategy that aims to turn Dubai into one the world’s top 10 metaverse economies as well as a global hub for the metaverse community.

Sheikh Hamdan bin Mohammed underscored the importance of consolidating Dubai’s status as a hub offering the most advanced ecosystem for the metaverse and as a frontrunner in adopting digital solutions globally, which reflects the ambitious vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum for transforming the emirate into a global capital of advanced technologies, primarily artificial intelligence (AI) and Web3.

The strategy aims to build on Dubai’s achievement of attracting more than 1,000 companies in the fields of blockchain and metaverse. It also promotes Dubai’s ambitions to support more than 40,000 virtual jobs by 2030. This would further boost Dubai’s economy and support the UAE government’s vision of increasing the number of blockchain companies by five times the present number.

Sheikh Hamdan said that Dubai is making great strides in enhancing its position as a global testbed for metaverse technology while investing judiciously in building capabilities and talent in creating the region’s most robust and largest ecosystem for the metaverse community. His Highness added that adopting new technologies will be a stepping stone in Dubai’s vision to use future technologies to create new work models in vital sectors and increase the metaverse’s impact on regional and global economies.

Commenting on the launch of the Dubai Metaverse Strategy, Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Teleworking Applications, and Deputy Managing Director of the Dubai Future Foundation, reiterated the importance of designing the future with new digital strategies for adopting the metaverse in vital sectors. He added that the metaverse would drive the UAE’s and Dubai’s efforts to provide innovative solutions, positively impact people’s lives, and transform the city into one of the smartest hubs worldwide offering new economic opportunities.

Al Olama said the Dubai Metaverse Strategy is in line with the objectives of the UAE AI Strategy to enhance the country’s status as one of the world’s leading countries in futuristic sectors by investing in new initiatives and empowering talent to drive digital transformation and the adoption of future technologies.

The Dubai Metaverse Strategy aims to foster innovation, enhance the metaverse’s economic contributions through R&D collaborations, and promote advanced ecosystems utilising accelerators and incubators that attract companies and projects to Dubai.

The strategy emphasises 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 Dubai Metaverse Strategy supports the development of Web3 technology and its applications to create new governmental work models and development in vital sectors, including tourism, education, retail, remote work, healthcare, and the legal sector. The strategy also aims to develop global standards in building safe and secure platforms for users and develop metaverse infrastructure and regulations to accelerate the adoption of these technologies.

The strategy’s key pillars focus on extended reality (which blends the physical and virtual worlds), augmented reality (AR), virtual reality (VR), mixed reality, and digital twins (a virtual representation of an object or system). The strategy aims at leveraging real-time data, using machine learning and IoT, and employing AI simulation and blockchain to enhance the human thinking processes.

Data, network, cloud, and edge computing are technology pillars of the metaverse strategy that focus on real-world data that is obtained, validated, stored, processed, and managed. Other pillars include promoting the full deployment of 5G networks to enable edge computing and provide on-demand computer system resources. Edge computing allows data to be collected, stored, and processed locally via smart devices and local networks instead of the cloud.

VR and AR are two key enablers of the metaverse, responsible for 6,700 jobs and contributing US$500 million to the UAE’s economy, which is expected to increase significantly in the future. The metaverse provides an array of economic opportunities. Globally, the value of venture capital and private equity financing in the metaverse reached US$13 billion in 2021, while real estate sales in the metaverse surpassed US$500 million last year.

Second Life – a virtual world in which participants can explore fantasy landscapes and build their own – contributed more than $650 million to global GDP in 2021. The metaverse also achieved 200 strategic partnerships with Sandbox, a decentralised gaming virtual world, which includes the launch of the Warner Music Group as a music-themed virtual world in the metaverse.

Analysts estimate that the metaverse 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 in-game purchases is reckoned to reach US$75 billion by 2025. Recent studies show that the daily active users on Roblox, one of the leading global metaverse communities, has increased to 55 million. At the same time, 59 percent of global consumers are keen to transition at least one of their everyday activities to the metaverse.

H.H. Sheikh Mohammed bin Rashid Al Maktoum directed government teams to start developing the Dubai Metaverse Strategy 60 days before its launch. The strategy promotes the employment of a connected network of virtual spaces to enhance the community’s wellbeing in Dubai and enhance initiatives making it a role model in metaverse technologies with a robust digital infrastructure.

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