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3 August, 2022

Dubai to Host First Metaverse Event

Dubai will host an event focused on the metaverse, with local and international leaders attending to discuss the potential of the emerging digital space.

The inaugural Dubai Metaverse Assembly was announced by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, and will be held on September 28 and 29 at the Museum of the Future and Emirates Towers, the Dubai Media Office officially announced earlier in July.

The assembly will draw more than 300 experts, policymakers and officials, as well as 40 organizations involved in the metaverse. It will also host more than 100 workshops.

“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,” Sheikh Hamdan said.

Sheikh Hamdan’s announcement comes a day after the unveiling of the Dubai Metaverse Strategy, which aims to create 40,000 jobs and add $4 billion to the emirate’s economy in the next five years.

The initiative is the “next revolution in the technological and economic field that will affect all aspects of life over the next two decades”, Sheikh Hamdan said on Monday.

The metaverse is where people, represented by avatars or three-dimensional likenesses, can interact in virtual worlds. It is part of Web3, the next evolutionary step of the internet, with blockchain, decentralisation, openness and greater user utility among its core components.

The UAE has taken a number of major steps to integrate the metaverse and its related technology, including cryptocurrencies, into the economy, government and society.

In May, Dubai’s Virtual Assets Regulatory Authority (Vara) — which was established under the Dubai Virtual Asset Regulation Law, the first such law in the emirate — said it had established its Metaverse HQ, making it the first regulator to have a presence there.

The value of the global metaverse market is forecast to hit about $5 trillion by 2030, according to a report in June from McKinsey & Company.

Sheikh Hamdan said the assembly “embodies the vision” Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has for the emirate to become a “global hub for innovation and futuristic transformations and a key driver for digital and knowledge-based economies around the world”, the statement said.

 

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