Emirates News Agency – Hamdan bin Mohammed Launches Dubai Metaverse Strategy

DUBAI, July 18, 2022 (WAM) — As stated 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 Executive Council today launched the Metaverse strategy that aims to make Dubai one of the top 10 economies in the world, as well as a global hub for the metaverse community.

His Highness Sheikh Hamdan bin Mohammed emphasized the importance of strengthening the emirate’s status as the center providing the most advanced ecosystem for the metaverse and as a pioneer in the global adoption of digital solutions, which reflects His Highness Sheikh’s ambitious vision. Mohammed bin Rashid mirrors Al Maktoum in turning 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 would further boost the economy and support the UAE government’s vision of quintupling the current number of blockchain companies.

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

At the launch of Dubai’s Metaverse strategy, Minister of State for Artificial Intelligence, Digital Economy and Telework Applications and Deputy CEO of Dubai Future Foundation, Omar bin Sultan Al Olama, confirmed the importance of designing the future using new digital strategies. for the adoption of the metaverse in vital sectors. He added that this new technology will boost the efforts of the UAE and Dubai to deliver innovative solutions, positively impact people’s lives and transform the city into one of the world’s smartest hubs, with new economic opportunities.

Mr Al Olama said this strategy is in line with the goals of the UAE’s Artificial Intelligence Strategy, which aims to strengthen the country’s status as one of the global leaders in futuristic sectors by investing in new initiatives and talent to lead digital transformation and adoption of future technologies.

It aims to encourage innovation, increase the economic contributions of the metaverse through R&D collaborations and promote advanced ecosystems using 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 of government work and the development of vital sectors, including tourism, education, retail, remote work, healthcare and the legal sector. It also aims to develop global standards for creating safe and secure platforms.

The main pillars of the strategy focus on extended reality (which mixes the physical and virtual world), 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, leverage machine learning and IoT, and use AI simulation and blockchain to improve human thought processes.

Data, network, cloud and edge computing are technological pillars of metaverse strategy that focus on real-world data acquired, validated, stored, processed and managed. Other pillars include promoting the full deployment of 5G networks to enable edge computing and provide on-demand resources for computing systems. Edge computing allows data to be collected, stored and processed locally through smart devices and local networks rather than in the cloud.

VR and AR are two key enablers of the metaverse, responsible for 6,700 jobs and contributing $500 million to the UAE’s economy, which is expected to grow significantly in the future. Globally, the value of its venture capital and private equity funding was $13 billion in 2021, while real estate sales reached $500 million last year.

Second Life – a virtual world where participants can explore fantastic landscapes and build their own – contributed more than $650 million to global GDP in 2021. The metaverse also has 200 strategic partnerships with Sandbox, a virtual world of decentralized games, including 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 $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 want 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 launch. This strategy encourages the use of a connected network of virtual spaces to improve community wellbeing and strengthen initiatives that make this city a model for metaverse technologies with a robust digital infrastructure.

Translated by: Gihane Fawzi.

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